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14 Lynde Street
Salem MA 01970
978-744-0311

Davis and Furber Machine Shop Complex

Grace Church

New York, NY

In l998, Lanie was approached by several members of the Board of Directors of Grace Church to provide advice resulting in a plan to support the ongoing restoration of the cathedral. Grace Church is an Episcopal church located at 802 Broadway in Manhattan. This Gothic Revival masterpiece was designed by James Renwick, Jr. in l843. Other works by Renwick include Saint Patrick’s Cathedral in Manhattan and the Castle at the Smithsonian Institution in Washington DC.

The goal for the Church was to identify a funding source that would support the ongoing restoration of the cathedral. Lanie identified an underutilized loft building partially occupied by the Grace Church School. A project was conceived that would renovate the underutilized areas of the loft building into rental housing. A complex ownership structure was put in place that had several members of the Board acting as managing members for a newly formed for profit company. Equity capital from the historic preservation certification program together with a bank loan provided the necessary funds for the rehabilitation. Structuring, financing, selecting members of the development team, and project execution were all functions that Lanie managed for the Church.

Strong market demand in this neighborhood, which is immediately adjacent to New York University, guaranteed a quick rent up and strong income stream. The project was financially successful and provides substantial annual cash flow after operations insuring a restoration fund for the Cathedral that is not tied to fund raising.

Lanie’s experience in historic preservation development facilitated the creative ownership structure that allowed equity capital to be invested into the cost of the rehabilitation project which will support the stewardship of the historic landmark Grace Church Cathedral for years to come.

Davis and Furber Machine Shop Complex Davis and Furber Machine Shop Complex

 

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