Yep, count it, another Old World building currently inhabited by a long-standing nonprofit is for sale. The Wall Street Journal reports that the Federation of Protestant Welfare Agencies, which owns the Church Missions House at 281 Park Avenue South, is putting its six-story headquarters on the market for $50 million today. The Flemish-Renaissance structure dates, purchased in 1963 for a mere $910K, dates back to 1892. Money from the sale will be used to help the Federation in its mission to support 200 different church-run and social services agencies.
The Federation joins neighbors United Cerebral Palsy and United Charities, not to mention the Children's Aid Society, New York Foundling, Hale House, the Center for Fiction, and the American Bible Society in the ballooning roster of nonprofits shedding real estate like a wintertime fur coat to take advantage of a booming market. Which nonprofit shall sell next?
· For Sale: New York City's Church Missions House [WSJ]