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Church Missions House In Contract for $50M; Condos Ahead

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Another day, another decades-old nonprofit headquarters being sold off and turned into condos.

Following yesterday's news of the Hale House's imminent conversion comes word that the Church Missions House at 281 Park Avenue South, an ornate, landmarked six-story Flemish-Renaissance building, is in contract for over $50 million. The seller, nonprofit group Federation of Protestant Welfare Agencies, has owned the property since 1963. (Crain's reports it's paying $13M to move to 40 Rector Street.) The buyers, identified by The Real Deal sources as the Garzoni family, are expected to convert the 122-year-old building into luxury condos, with ground-floor retail. Smart money says they will be very, very expensive.

Maybe it's time to start thinking about breeding Manhattan nonprofits in captivity.
· Italian family buys NYC Church Missions House for $50M-plus [TRD]
· Hot Market Lures Yet Another Nonprofit To Sell Off Its HQ [Curbed]