Introduction: From Nightlife Legend to Next‑Life Asset
If you lived through *toute la nuit* Chelsea nights, you know the building: **the former Church of the Holy Communion at 6th Ave & 20th St—aka “Limelight.”** This **strikingly** Gothic landmark just went **for sale or lease** again, a *Hot! Hot! Hot!* conversation starter about where NYC’s **sacred spaces** go next—and how savvy, **tech‑savvy**, *media‑savvy* buyers, renters, and investors can **score!** ([Curbed][1], [New York Post][2], [Yahoo][3], [www.ourtownny.com][4])
Before we dive in, if you want a **bespoke underwriting** on Limelight or its look‑alikes, I’m an **experienced** NYC investment advisor. **Sydney Harewood · 646‑535‑3819 · [nycexclusiveapts.com]** — *Vision To See – Faith To Believe – Courage To Do.*
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**Audience & Transformation**
**Any** *NYC buyers, renters, co‑op/condo boards, and investors* **can** *solve the “sacred‑space” conversion puzzle* **by** *stress‑testing zoning, landmark pathways, and exit/hold math with data‑driven comps* **because** *clear underwriting + regulatory fluency reveals feasible uses, funding options, and a lifestyle‑upgrade path that protects liquidity and elevates long‑term appreciation.*
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Purpose & Focus
* **Purpose:** Profile the Limelight listing and decode the **emerging market** for **religious & cultural landmark** reuse in NYC.
* **Focus:** **Actionable underwriting**—from **City of Yes** rules to deal comps—so you can **acquire**, **relocate**, or **reposition** with **clarity** and *brilliance*.
* **Promise:** 80% of value here is **transformation**—*how this niche elevates lives*: design, lifestyle, culture, and **ROI**. Word!
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The Limelight (Church of the Holy Communion): **Status, Facts, Edge**
* **Where:** **656–662 Avenue of the Americas** at W 20th St, Chelsea/Flatiron. **NYC landmark (1966)**; architect **Richard Upjohn (1844–46)**. ([NYC Media][5], [Wikipedia][6])
* **Now:** After runs as **Limelight nightclub** (1980s–2000s), **Avalon** (2003), **Limelight Marketplace** (2010 retail), and **David Barton Gym** → **Limelight Fitness** (2017), the property is **vacant and back on the market** *for sale or lease*. Owner tied to the **Ashkenazy** portfolio. ([Wikipedia][6], [Luxury Travel Advisor][7], [Curbed][1], [New York Post][2])
* **Headline:** **“For Sale/Lease”** banners are up; coverage notes a **challenging retail history** and floats **residential conversion** as a *pristine* next act. ([Curbed][1])
**Probing question:** *Is this Chelsea crown jewel a “cursed” retail pigeon hole—or the **apogee** of adaptive reuse under 2025 rules?* (Spoiler: with the right plan, it’s a **showstopper**.)
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Why “Sacred Spaces” Are *Back* (and Not Just for Nostalgia)
* **Demand for character:** Buyers and renters are paying premiums for **unique** volume (arches, stained glass, **sun‑fill** light) and *sumptuous* materials—*style, class, and old‑world sophistication*.
* **Policy tailwinds:** **City of Yes for Housing Opportunity (Dec 2024)** expands conversions of non‑residential buildings **built before \~1990/1991** citywide—crucial for church/assembly assets. (Legal challenges exist, but the framework stands.) ([New York City Council][8], [Greenberg Traurig][9], [NYC][10], [New York Post][11])
* **Deal flow:** New conversions launching **now**—e.g., **Fort Greene’s 232 Adelphi (“The Abbey”)** with condos **from \$1.195M to \$4M**—illustrate pricing ceilings/floors for “re‑sanctified” living. ([6sqft][12])
* **Supply**: Many houses of worship face closure or consolidation nationally; *conversions are not novelty—they’re a trend with **vigor**.* ([Bloomberg][13], [The Guardian][14])
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**Compelling Visualizations** (Save & Share with your team)
**1) Limelight Adaptive‑Reuse Timeline (1846 → 2025)**
**Download data:** [CSV](sandbox:/mnt/data/limelight_timeline.csv)
**2) NYC Sacred‑Space Reuse Price Points (Selections)**
*(Includes Fort Greene “Abbey” condo range; East Village converted‑synagogue luxury rental annualized; West‑Park Church proposed sale.)*
**Download data:** [CSV](sandbox:/mnt/data/sacred_space_comps.csv)
Sources: **6sqft**; **West Side Rag / West Park**; **NY Post (8th St Shul rental feature)**. ([6sqft][12], [West Side Rag][15], [New York Post][16])
*Just a heads up:* Visuals are **decision aids**—always verify current offering plans, COFAs, and comps *in real time*.
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Regulatory & Landmark Landscape (2025)
**City of Yes (COYHO):** *The Game‑Changer*
* **Adopted Dec 5, 2024**; **expands non‑residential conversions** (office → resi lead) to buildings **built up to \~1990/1991**; modernizes parking and other barriers. **Estimated 80k+ units** over 15 years, if realized. Some litigation is pending. ([New York City Council][8], [Greenberg Traurig][9], [NYC][10], [New York Post][11])
**Faith‑Based Affordable Housing Act (State) — 2025 Bills**
* **S3397B / A3647B (Active bills):** Would streamline residential development on **religious land**; still **pending**, not yet law. Stakeholders (including preservationists) raise **landmark** concerns. Track status closely. ([NYSenate.gov][17], [villagepreservation.org][18])
**Landmarks (LPC) & COFA**
* Limelight is a **designated NYC Landmark** (1966); any exterior work needs **Certificate of Appropriateness**. Interior work can be flexible, but context matters. **Upjohn**’s fabric is the *diamond* you’re polishing. ([NYC Media][5])
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Market Snapshot (Q3 2025): *Where the Wind Blows*
* **Chelsea/Flatiron retail** still healing; **lifestyle + wellness + F\&B** can work but need *mint* execution and capital discipline—hence the *residential whisper* around Limelight. ([Curbed][1])
* **Adaptive reuse** stock is **scarce**; demand from **New Yorkers in media, fashion and finance** for *distinct* spaces remains **appealing**—particularly boutique condo/rental with **elegant** amenities and *pristine* finishes. ([City Realty][19])
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**Underwriting Limelight** (and its Look‑Alikes): *Brass Tacks*
1) **Zoning & Entitlements**
* Confirm **as‑of‑right** feasibility under **City of Yes** (pre‑1990/1991 rule, use groups). Model **Use A (residential)** vs **Use B (assembly/retail)** vs **hybrid**. **Least common multiple**: optional **community facility** overlays. ([NYC][10])
2) **Landmark Pathway (COFA)**
* Identify **preservation priorities** (stained glass, nave volume). Plan “**inside‑out**” construction (insert new structure while **accentuating** heritage). **The Twist.** *Expect the unexpected* in scope/sequence. ([Curbed][20])
3) **Program & Stack**
* **Residential**: boutique condos or rental—*sun‑kiss* mezzanines, **intimate** alcoves, soaring volumes.
* **Mixed‑use**: *posh* wellness/arts on ground with **ultra** quiet residences above.
* **Experiential**: a la mode event/gallery (careful—*monkey handling gun* if underwriting depends on volatile nightlife).
4) **Comparable Value Ranges**
* **Reference:** **The Abbey (232 Adelphi)** asks from **\$1.195M–\$4M**; that’s *not* Chelsea, but offers a **clarity** check on **church‑to‑condo** appetite in 2025. ([6sqft][12])
5) **Cost & Timing**
* Expect **adaptive‑reuse premiums** (structure, acoustics, waterproofing). Balance against **marketing sparkle** and **verve** (brandable history = earned media). *Plan, develop, and deliver* with **cutting‑edge** GC/architect teams—no **wobble** in scope.
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**Pros & Cons** (Nuanced View)
**Pros**
* **Lifestyle “wow”**: volumes, light, and *romantic* architectural rhythm—**has the greatest value** in end‑user perception.
* **Brand equity**: cultural cachet = free *A party* PR.
* **Regulatory tailwinds**: COYHO conversion flexibility. ([Greenberg Traurig][9])
**Cons**
* **Capex spikes**: structural surprises, landmark detailing.
* **Carry**: extended approvals/COFA sequencing.
* **Operations risk** if retail/event re‑use (noise, neighbors, *back and forth* planning).
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**Emerging Trends** (2025–2026)
* **From “nightclub nostalgia” to “night‑blooming housing.”** Media narratives are shifting from reliving the Limelight era to **adding units** that match today’s **need**. ([Curbed][1])
* **State‑enabled faith‑land development** (if S3397B/A3647B advance) could **accelerate** supply on religious parcels—watch amendments and landmark carve‑outs. ([NYSenate.gov][17])
* **Design excellence = sales velocity.** Projects that **savor** original fabric (not “facadectomy”) outperform **redo** hacks—see the best **exquisite** mash‑ups. ([Curbed][20])
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Case Studies & Signals
* **Limelight now:** marketed **for sale/lease**; credible chatter for **residential conversion** under COYHO rules. ([Curbed][1])
* **Fort Greene’s “Abbey”**: church‑to‑condo launch **\$1.195M–\$4M**; proof that **distinct** sacred‑space product *teems* with demand. ([6sqft][12])
* **West‑Park Presbyterian (UWS):** active legal/ownership saga; a cautionary tale about **stakeholders** and timing. ([West Side Rag][15])
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**Expert Tips, Techniques & Best Practices**
* **Underwrite three ways** (*describe, predict, and inform business decisions*):
1. **As‑is activation** (experiential/retail),
2. **Hybrid** (ground arts/wellness + upper resi),
3. **Full resi** (COYHO pathway). ([Greenberg Traurig][9])
* **COFA early & often**: pre‑meet with LPC staff; bring mock‑ups that **magnify** original features. ([NYC Media][5])
* **Market to lifestyle**: *sun‑fill* morning rooms, **majestic** arches, **elegant** acoustics—*Comfort, Luxury, and Style!*
* **Financing**: set aside a **kinetic** contingency; lenders like **directed and focused** plans with peer comps and contractor guarantees.
* **Community pact** (*mutual promise*): integrate **arts/education** programming—an **accommodating** nod to heritage that also de‑risks approvals.
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**Buyer / Renter Guide** (Transformation First)
* **Buyers:** You’re hunting **gorgeous**, **unique** volume and a **cool** story. Ask for *unit‑level acoustics reports*, window specs, and **amenity** stewardship plans.
* **Renters:** Seek **roomy and comfortable** mezzanine lofts, **sun‑kiss** corners, and thoughtful **delivery process** (elevators, packages, pets—*Get it and bring you pets*).
* **Both:** Evaluate **sound transmission** (mass‑timber infill? resilient channels?), **ventilation**, and **local retail energy**.
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**Investor / Developer Playbook** (ROI Insights)
* **Thesis:** **Adaptive‑reuse scarcity + City of Yes flexibility** = **Unbeatable** branding and price power—if you control capex and sequencing. ([Greenberg Traurig][9])
* **Underwrite exits**: boutique condo sell‑out vs stabilized rental; run **sensitivity** on COFA timing and fit‑out.
* **Design‑led marketing**: **refinement** sells—*palette* of original stone, **radiance** of stained glass—**Ascend** the comp stack.
* **Neighborhood synergy:** Chelsea’s **entertainment, sport, culture, retail** galore—**prime** visibility and footfall.
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**Conversation Starters** (Bring to your meeting)
* **“If we keep the nave volume intact, which plan maximizes **appreciation** with minimal capex?”**
* **“How does COYHO change our **maximum** residential yield in this district?”** ([Greenberg Traurig][9])
* **“Which comps prove buyers will **appreciate** sacred‑space design (e.g., Abbey pricing)?”** ([6sqft][12])
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**Agent Takeaway** (In one breath)
**Sacred‑space assets aren’t relics—they’re **opportunity**. With **City of Yes**, **landmark fluency**, and **on‑the‑ball** execution, you can transform yesterday’s icon into **today’s** *lovely*, income‑producing **home** or **portfolio hero**.**
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**Agent Play** (Step‑by‑Step)
1. **Pre‑flight**: Title, DOB/ZR checks, **COYHO** path, LPC consult; form and solidify the **creative thrust**. ([Greenberg Traurig][9])
2. **Design sprint**: two schemes (hybrid vs full resi); test stack plans; plan, develop, test, track.
3. **Capex clarity**: peer bids, façade mock‑ups, MEP acoustic plan.
4. **Go‑to‑market**: brand the history (ethically); **accent** lifestyle—**vogue**, *a la mode*, **chic**.
5. **Deliver**: *streamline your* approvals; maintain **vitality** in comms; close with **verve**.
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FAQs (Simple, Direct)
**Q: Can Limelight really become housing?**
**A:** \*\*Yes—\*\*COYHO broadened conversion rules citywide for many pre‑1990/1991 buildings, subject to zoning context and LPC approvals. **Landmark = special care.** ([Greenberg Traurig][9], [NYC Media][5])
**Q: What about re‑opening as a club?**
**A:** Possible, but *risk‑heavy.* Market coverage and neighborhood dynamics tilt toward **residential** or **hybrid**. ([Curbed][1])
**Q: Are faith‑land developments about to surge?**
**A:** **Watch Albany.** The **Faith‑Based Affordable Housing Act** is **active as a bill**, not law (yet). Track amendments and landmark carve‑outs. ([NYSenate.gov][17])
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Sources (Selected & Recent)
* **Limelight listing news & context:** Curbed; NY Post; Our Town/West Side Spirit. ([Curbed][1], [New York Post][2], [www.ourtownny.com][4])
* **Landmark designation (official):** LPC Designation Report **LP‑0216** (1966). ([NYC Media][5])
* **History & address:** Wikipedia entry, updated. ([Wikipedia][6])
* **City of Yes (adopted Dec 2024) & conversion rules:** NYC Council press; law‑firm summaries; DCP. ([New York City Council][8], [Greenberg Traurig][9], [NYC][10])
* **Trend examples & pricing:** 6sqft (Fort Greene “Abbey”); Curbed on best‑practice conversions. ([6sqft][12], [Curbed][20])
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Ready to Underwrite Limelight—or Your Own **majestic** sacred‑space opportunity?
**Sydney Harewood** — **646‑535‑3819** — **[nycexclusiveapts.com]**
*“Call or Message Syd Harewood @ 646‑535‑3819 — come see it TODAY!! come get it, contact us TODAY!”*
*Because in New York—the **energy**, **promise**, and **appreciation** are real. And with the right plan, you’re not multiplying by zero; you’re compounding **addition, growth, increase**—a little **Halley’s Comet** in your portfolio.*
