The General Theological Seminary in Chelsea is selling a second part of its landmark campus to the Brodsky Organization, which recently completed construction of a new residential building on the Ninth Avenue end of its grounds.

The Brodsky Organization has agreed to pay $47.5 million for three buildings that it plans to convert to residential condominiums as well as tennis courts that it plans to redevelop residentially, according to an article today by Joseph de Avila at wsj.com.

The sale of the first of these buildings is expected to close soon, pending state court approval that is needed in the case of real-estate deals by religious groups, the article said, adding that the sales accord was announced last year.

The seminary also is selling a parcel of land on Ninth Avenue to Brodsky. The developer currently holds a 99-year lease on the land, which is the site of the Chelsea Enclave, a luxury residential building that Brodsky built in 2009, the article said.

"It hurts a lot of our trustees to sell any of our real estate," said Lang Lowrey, president of the seminary. "But we are getting a really good value."

Much of the building space being sold is used for student and faculty housing, which is currently underutilized, the article said, adding that "revenue from the deal would eliminate the seminary's debt and provide renovation funds for the institution's remaining housing stock, Mr. Lowrey said."

The first property being acquired by Brodsky has three brick townhouses that currently serve as faculty housing. Each of the 19th-century townhouses now is split into two apartments but they will be restored into single units measuring about 6,000 square feet each, Mr. Amro said. The company hasn't determined an asking price for the three townhouses.

Brodsky is also acquiring a 25,000-square-foot administrative structure known as the West Building that it will convert to condos. Adjacent to the West Building is a tennis court where the developer plans on constructing another condo building that will be attached to the West Building with a glass connection.

Once completed, the West Building and new condo structure will have about 30 luxury units priced on average at about $2.8 million, a Brodsky spokesman said, adding that Brodsky will convert a building at 422 West 20th St. now used for student housing into between 40 and 45 condo units. The majority of those units will be priced at less than $1 million.

Founded in 1817, the General Theological Seminary is the oldest seminary of the Episcopal Church. It occupies most of the block between 20th and 21st streets and Ninth and 10th avenues in Chelsea's Historic District.

The seminary has been saddled by declining enrollment and currently is losing $5 million a year due to debt service and operating losses, Mr. Lowrey said.

The seminary also runs the Desmond Tutu Center, a conference center and hotel located nearby. The seminary hopes to create a partnership with nonprofit Episcopal organizations that also want to invest in the center. Such a partnership could raise as much as $25 million that would go the seminary's endowment fund.