The Rev. Lang Lowrey, President of The General Theological Seminary (GTS), the oldest seminary of The Episcopal Church, announced November 30, 2010 that a preliminary agreement had been reached between the Seminary and the Brodsky Organization, a Manhattan real estate developer, which would result in the sale of several residential and mixed use properties owned by the Seminary. The contract is subject to additional approvals but is expected to become final in the next 30-60 days.
The trustees of the seminary unanimously approved in October a comprehensive financial initiative, the Plan to Choose Life, aimed at eliminating the Seminary's $41 million of debt, restoring the school's endowment, and allowing the Seminary to continue its mission with a balanced budget - all within a period of eighteen to twenty-four months. The first phase of the plan involves the sale of property to eliminate debt. The second phase is leveraging the Seminary's $30 million investment in the Desmond Tutu Center by bringing in partners and increasing General's endowment.
The Seminary properties targeted for sale include the building known as Chelsea 2,3,4, a residential structure on West 20th Street near the corner of Ninth Ave; the West Building, also on 20th Street near the center of the block, currently being used for Seminary offices, and an apartment building at 422 West 20th Street. Additionally, the Seminary will transfer ownership to Brodsky of the land along Ninth Avenue currently being leased, as well as a portion of property the school currently uses for a tennis court.
"The adoption of this plan represents a comprehensive solution to financial challenges that have been a drain on morale and a serious impediment to the Seminary's mission for many years," said Bishop Mark S. Sisk, chair of the Seminary's Board of Trustees, said at the October meeting.
On Tuesday, December 7 at 7:30 pm in Seabury Auditorium, the Seminary will invite the Chelsea community to join with President Lowery in discussing all aspects of the financial plan.
An article published December 1, 2010 at Chelsea Now by Winnie McCroy, however, said that Lesley Doyel, co-president of Save Chelsea, a neighborhood organization, said "considering the enormity of their current plan to sell huge amounts of Seminary property to a commercial developer, we were fairly shocked by the lack of communication about this plan displayed thus far."
Doyel said Save Chelsea only recently found out about the sale, for which G.T.S. Interim President Rev. Lang Lowrey said they signed contracts with Brodsky Organization on November 29 - subject to New York City approvals and that of the New York State Attorney General, the Episcopal Diocese of Long Island and the bank that holds the Seminary's loans. The Seminary will retain a "buy-back option" on all of the sales.
The article said that the sale would preserve the G.T.S.'s classic quadrangle known as the "Close," as well as the historic buildings fronting West 21st Street.
"In a recent interview with Chelsea Now, Lowrey explained that G.T.S.'s previous dean had attempted to address the Seminary's high deferred maintenance costs by borrowing money and using his endowment, and later, by opening the Desmond Tutu Center to guests, and by selling the property that became the Enclave Building," the article said, adding that Lowry said he was "not blaming it on the Tutu Center or the Enclave. His efforts to bail G.T.S. out helped, but they didn't do enough."
"In addition to balancing the budget by 2013," the article continued, "the sale will enable the G.T.S. to build a new library and Seminary entrance on West 21st Street. It is the sale of these historic structures with which Save Chelsea has the most issue."
The Brodsky Organization was the developer of the controversial Chelsea Enclave building on the east end of the seminary's full-block campus.
The trustees of the seminary unanimously approved in October a comprehensive financial initiative, the Plan to Choose Life, aimed at eliminating the Seminary's $41 million of debt, restoring the school's endowment, and allowing the Seminary to continue its mission with a balanced budget - all within a period of eighteen to twenty-four months. The first phase of the plan involves the sale of property to eliminate debt. The second phase is leveraging the Seminary's $30 million investment in the Desmond Tutu Center by bringing in partners and increasing General's endowment.
The Seminary properties targeted for sale include the building known as Chelsea 2,3,4, a residential structure on West 20th Street near the corner of Ninth Ave; the West Building, also on 20th Street near the center of the block, currently being used for Seminary offices, and an apartment building at 422 West 20th Street. Additionally, the Seminary will transfer ownership to Brodsky of the land along Ninth Avenue currently being leased, as well as a portion of property the school currently uses for a tennis court.
"The adoption of this plan represents a comprehensive solution to financial challenges that have been a drain on morale and a serious impediment to the Seminary's mission for many years," said Bishop Mark S. Sisk, chair of the Seminary's Board of Trustees, said at the October meeting.
On Tuesday, December 7 at 7:30 pm in Seabury Auditorium, the Seminary will invite the Chelsea community to join with President Lowery in discussing all aspects of the financial plan.
An article published December 1, 2010 at Chelsea Now by Winnie McCroy, however, said that Lesley Doyel, co-president of Save Chelsea, a neighborhood organization, said "considering the enormity of their current plan to sell huge amounts of Seminary property to a commercial developer, we were fairly shocked by the lack of communication about this plan displayed thus far."
Doyel said Save Chelsea only recently found out about the sale, for which G.T.S. Interim President Rev. Lang Lowrey said they signed contracts with Brodsky Organization on November 29 - subject to New York City approvals and that of the New York State Attorney General, the Episcopal Diocese of Long Island and the bank that holds the Seminary's loans. The Seminary will retain a "buy-back option" on all of the sales.
The article said that the sale would preserve the G.T.S.'s classic quadrangle known as the "Close," as well as the historic buildings fronting West 21st Street.
"In a recent interview with Chelsea Now, Lowrey explained that G.T.S.'s previous dean had attempted to address the Seminary's high deferred maintenance costs by borrowing money and using his endowment, and later, by opening the Desmond Tutu Center to guests, and by selling the property that became the Enclave Building," the article said, adding that Lowry said he was "not blaming it on the Tutu Center or the Enclave. His efforts to bail G.T.S. out helped, but they didn't do enough."
"In addition to balancing the budget by 2013," the article continued, "the sale will enable the G.T.S. to build a new library and Seminary entrance on West 21st Street. It is the sale of these historic structures with which Save Chelsea has the most issue."
The Brodsky Organization was the developer of the controversial Chelsea Enclave building on the east end of the seminary's full-block campus.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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