NEW YORK CITY-The General Theological Seminary in Chelsea is planning to get rid of $41 million of debt and to restore its collapsed endowment fund. The seminary is preparing to sell a parcel of land on Ninth Avenue and three buildings to the Brodsky Organization for $47.5 million.
Brodsky is acquiring three brick townhouses, a 25,000-square-foot administrative construction called the West Building and a building at 422 West 20th St. The developer is aiming to convert these buildings into condos. For the full story, go to Wall Street Journal.
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