The American Bible Society sold its headquarters at 1865 Broadway for $300 million to real estate investment trust AvalonBay Communities.
The Bible Society, an organization that translates bibles into different languages, picked AvalonBay’s bid from about 25 domestic and international bids, according to the Wall Street Journal. Cushman & Wakefield marketed the building.
The non-profit will move to Philadelphia, according to the newspaper. The society has been located at 1865 Broadway for roughly 50 years and had put the building on the market in March. The organization is looking to open an office in Manhattan.
“It’s one of those sites that just don’t come along very often,” Martin Piazzola, AvalonBay senior vice president of development for New York City, told the newspaper.
The new owner plans to demolish the existing building and build a luxury residential tower with a retail component. A new building could be more than 300,000 square feet and include between 55,000 and 60,000 square feet of retail. [WSJ] — Claire Moses