American Bible Society to Sell 12-Story Building in NYC on Land ‘Likely Worth $300 Million’

The American Bible Society will sell its 12-story building on Broadway, vacating prime real estate in the heart of Manhattan that serves other evangelical ministries.

American Bible Society (Photo: ABS)

American Bible Society (Photo: ABS)

The society rents space to several New York-based evangelical organizations, such as Q Ideas, Redeemer Presbyterian Church’s Center for Faith & Work, the Museum of Biblical Art and Young Life. Through the years, the building had become a destination for Christians in the city. …

ABS was last in the spotlight in January, when it named Roy Peterson to succeed Doug Birdsall as president. Birdsall was fired by the ABS board in October after only months on the job. He expressed surprise when he was told that ABS was selling the building.

“It’s the best Christian real estate in the country, some of the best Christian real estate in the world,” Birdsall said. “It may add to the financial assets, but it doesn’t necessarily expand the significance of the ministry.” …

Birdsall estimated that ABS occupied about 40 percent of the building while it rented out the rest to other organizations. The land, he said, is likely worth around $300 million.

More: http://www.religionnews.com/2014/03/25/american-bible-society-sell-12-story-nyc-building/

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