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General Theological Seminary Sells Three Buildings for $10M

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Chelsea's General Theological Seminary has been waiting patiently for its cash infusion ever since it struck a deal with developer the Brodsky Organization (the same folks behind the conversion of a GTS building into the Chelsea Enclave luxury condop) to sell off a few more buildings. Brodsky opened up about some of its plans at the end of January, but since then, things have been pretty quiet over in Chelsea's holy land. Time for some news!

The sales of the first buildings in the GTS-Brodsky transaction appear to have closed. Deals for the two-family dwellings at 417, 419, and 421 West 20th Street have hit public record, for a total of $10 million. We're guessing these are the townhouses, now used as faculty housing, that the Brodsky Organization plans to revamp as the first phase of its GTS makeover. The townhouses will become single-family mansions of about 6,000 square feet each. Since the total deal is expected to cost about $47.5 million, Brodsky still has about $37.5M to spend on two other buildings it's taking condo.
· General Theological Seminary coverage [Curbed]

General Theological Seminary

440 West 21st St., New York, NY 10011