The American Bible Society building on Broadway and West 61st Street has sold to union-shunned developer and landlord AvalonBay for the astronomical price of $300 million, WSJ reports. The prolific developer plans to raze the bulky concrete building at 1865 Broadway and replace it with a pricey residential tower with ground floor retail. Following in the footsteps of other nonprofits across the city, the American Bible Society put its headquarters of nearly 50 years up for sale in March with hopes of leveraging the market, and succeed it didAvalonBay beat out 25 other bids for the prime property. WSJ reports that the developer will be able to construct a building about twice the size of the existing structure on the lot.
· Bible Society Sells New York City Building for $300 Million [WSJ]
· Here's a Map of NYC Nonprofits Turning Into Luxury Housing [Curbed]
· All 1865 Broadway coverage [Curbed]