Another nonprofit organization put its facility on the market, this one a landmarked church for $50 million.
The Federation of Protestant Welfare Agencies, the owner of the Church Missions House at 281 Park Avenue South, is looking to sell the century-old building to fund its services, including advocacy and management assistance for more than 200 churches and social-service groups, according to a report.
The six-story structure, located between East 21st and East 22nd streets in the Flatiron District, last sold for $910,000 in 1963, the Wall Street Journal reported.
Other churches and nonprofits have recently looked to capitalize on rising real estate prices to boost their balance sheets. The list includes the Park Avenue Christian Church, which Extell was in contract to acquire as of last summer. [WSJ] – Angela Hunt