Chelsea seminary to sell historic buildings.
General Theological Seminary at 175 Ninth Avenue General
Theological Seminary at 175 Ninth Avenue in Chelsea is trying to rid
itself of $41 million in debt and is attempting to replenish its
depleted endowment fund through a plan to sell land and several of the
seminary's historic properties to a developer, who intends to
convert those buildings into a condominium, according to the Wall Street
Journal. "It hurts a lot of our trustees to sell any of our real
estate," Lang Lowrey, president of the seminary, told the Journal.
"But we are getting a really good value." The Brodsky
Organization has agreed to pay $47.5 million for three buildings and a
parcel of land currently used as tennis courts. The sale of the first of
these buildings is expected to close soon, pending state court approval.
The seminary also is selling a parcel of land on Ninth Avenue to
Brodsky. The developer currently holds a 99-year lease on the land,
which is the site of the Chelsea Enclave, a residential condo building
that Brodsky built in 2009. The seminary has been suffering from
declining enrollment and is currently losing $5 million a year due to
debt service and operating losses, Lowrey said. Much of the space being
sold is used for student and faculty housing, which is currently
underutilized. Revenue from the deal would eliminate the seminary's
debt and provide renovation funds for the institution, Lowrey added.