More details are being revealed about Chelsea's biggest real estate deal that nobody is talking about: The General Theological Seminary's Great Sell-Off. The neighborhood institution, which has struck a deal with the Brodsky Organization that will allow the developer to build apartments on its land so that the seminary can avoid financial ruin (again!), will in total sell three buildings and a plot of land for $47.5 million. First up is 2, 3, 4 Chelsea Square (right), townhouses that are now faculty housing. The Wall Street Journal has the details on that and more:
The first property being acquired by Brodsky has three brick townhouses that currently serve as faculty housing. Each of the 19th-century townhouses now is split into two apartments but they will be restored into single units measuring about 6,000 square feet each, Mr. Amro said. The company hasn't determined an asking price for the three townhouses. Brodsky is also acquiring a 25,000-square-foot administrative structure known as the West Building that it will convert to condos. Adjacent to the West Building is a tennis court where the developer plans on constructing another condo building that will be attached to the West Building with a glass connection. Once completed, the West Building and new condo structure will have about 30 luxury units priced on average at about $2.8 million, Mr. Amro said.
Brodsky will convert a building at 422 West 20th St. now used for student housing into between 40 and 45 condo units. The majority of those units will be priced at less than $1 million, Mr. Amro said.
Bargain! Well, remember that 422 West 20th Street is the most blah of the buildings that the GTS is giving up. How will the market respond to these former houses of the holy?
· Seminary Sees Virtue in Land Sale [WSJ]
· General Theological Seminary coverage [Curbed]