KBS Capital has entered into contract with Onyx Equities to acquire an 80 percent stake in the Church of St. John the Baptist, a two-story, 23,110-square-foot structure at 210 West 31st Street in Chelsea. KBS and Onyx plan to convert the structure into roughly 30,000 square feet of retail space, The Real Deal reported. The space will be divided between three units, all with space on the ground floor and additional space on the cellar and second levels. A roof patio could also be constructed. KBS is set to pay $39.8 million for the stake. A timeline regarding the sale or construction has not been disclosed. Alteration permits have not been filed at this time.
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