From ELO-
General Theological Seminary has reached a preliminary agreement with the Brodsky Organization, a Manhattan real estate developer, which would result in the sale of several of the seminary's residential and mixed-use properties.
The Rev. Lang Lowrey, GTS president, said in a Nov. 30 release that the contract is subject to additional approvals but is expected to become final in the next 30 to 60 days.
The seminary's trustees in October approved a comprehensive financial initiative aimed at eliminating the school's $41 million of debt, restoring its endowment, and allowing the seminary to continue its mission with a balanced budget within 18-24 months.
The plan has two phases, the Nov. 30 release said, including first the sale of property to eliminate debt and then leveraging the school's $30 million investment in the Desmond Tutu Center by bringing in partners and increasing the school's endowment.
The properties for sale include the building known as Chelsea 2,3,4, a residential structure on West 20th Street near the corner of Ninth Avenue; the West Building, also on 20th Street near the center of the block, currently housing seminary offices, and an apartment building at 422 West 20th Street. Additionally, the school will transfer ownership to Brodsky of the land along Ninth Avenue currently being leased, as well as a portion of property the school currently uses for a tennis court, the release said.
"The adoption of this plan represents a comprehensive solution to financial challenges that have been a drain on morale and a serious impediment to the seminary's mission for many years," Bishop Mark S. Sisk, trustee chair, said at the October meeting. He said that the seminary had taken "a bold but very carefully considered step to leverage assets through the sale of residential properties. The payoff is the substantial if not the complete elimination of all General's debt."
More here-
http://www.episcopal-life.org/80263_125953_ENG_HTM.htm
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