Not all media companies are moving Downtown. Some are heading to church.
Catholic media company America Press has agreed a 25-year triple-net lease for the Church of St. Paul the Apostle at 120 West 60th Street in Midtown, according to petition filed in New York State Supreme Court on Thursday.
America Press, which publishes the Catholic weekly America Magazine, will pay $7 million to renovate the landmarked 47,000-square-foot property, also known as 8-10 Columbus Avenue, and will retain an option to renew the space for two five-year terms.
The publisher will pay base rent of $1 annually for the rights to the triple-net lease. Documents filed with the court also detail a sublease agreement between America Press and the USA Northeast Province of the Society of Jesus, a Jesuit organization, to take space at the church for the duration of America Press’ lease.
The deal between the Church and America Press needs court approval given the Church’s nonprofit status.
Neither representatives for the Church of St. Paul the Apostle or America Press could be reached for comment.
Source: The Real Deal