Manhattan Nonprofits Rush to Sell as Values Skyrocket

December 1, 2013

The Real Deal
By Guelda Voien

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

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. 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.

Partner David Blum comments.

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