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Manhattan nonprofits rush to sell as values skyrocket

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Last month, the Brodsky  Organization leased the land adjacent to St. John the Divine from the Episcopal cathedral. The developer is planning a project with 428 apartments on the site.

St. John the Divine

From the December issue: With Manhattan real estate prices on the rise, a slew of major religious, cultural and government institutions — some of which are cash-strapped — are looking to offload properties in the five boroughs.

While the trend is not new — The Real Deal first reported on it last September —the pace and urgency of sales has increased significantly lately, as prices for luxury housing in Manhattan have skyrocketed. [more]


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