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Bible Society Wants $300M For Its Offices; Next Up, Housing?

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The American Bible Society is the latest in a string of nonprofits to list their New York City real estate to turn a substantial profit. The building in question at 1865 Broadway at the corner of 61st Street has served as the Society's headquarters for the past 48 years, and with its prime location just blocks from Columbus Circle is expected to fetch at least $300 million. That blockbuster ask is for the site alone, though—the bulky concrete building that occupies the lot is nothing to write home about, and doesn't max out the lot's buildable potential, as is customary these days. Crain's reports that if the new owner was to raze the existing headquarters, they could develop a structure that's 120,000 square feet larger than the existing 180,000-square-foot building. A residential transformation is likely, to say the least.
"The 1865 Broadway property has served us well for nearly 50 years," said American Bible Society board chairman Pieter Dearolf, in a statement echoed by Crain's. "The decision to sell the property was made to unlock the value of the site to further the mission of American Bible Society. As we approach a third century of our mission, we are laying the groundwork for the next 100 years of inviting people to experience the life-changing message of the Bible." Other nonprofts to follow suit in selling real estate to share the message of their organization include The New York Foundling who listed their Village outpost for $47.5 million just two weeks ago, and the Center for Fiction who's looking to sell their Midtown headquarters for $18 million.
· American Bible Society eyes $300M payoff from HQ safe [Crain's]
· Foundling Seeks to Sell Village Headquarters for $47.5M [Curbed]