The Real Deal New York

Manhattan nonprofits rush to sell as values skyrocket

Churches, schools and cultural institutions feel pressure to sell their properties intensify before market turns

December 16, 2013 10:30AM
By Guelda Voien

Last month, the Brodsky  Organization leased the land adjacent to St. John the Divine from the Episcopal cathedral. The developer is planning a project with 428 apartments on the site.

St. John the Divine

From the December issue: With Manhattan real estate prices on the rise, a slew of major religious, cultural and government institutions — some of which are cash-strapped — are looking to offload properties in the five boroughs.

While the trend is not new — The Real Deal first reported on it last September —the pace and urgency of sales has increased significantly lately, as prices for luxury housing in Manhattan have skyrocketed. [more]