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Old Posted Mar 28, 2014, 1:58 PM
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American Bible Society to sell 12-story NYC building

Sarah Pulliam Bailey
Mar 25, 2014

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.

...The 200-year-old ABS first occupied the 1865 Broadway address in 1966 with a ribbon-cutting ceremony attended by Billy Graham. The organization has not made any decisions about a new location, but a spokesperson said it remained committed to New York City.

...Cushman & Wakefield, a real estate firm with a mission to “help clients turn fixed assets into dynamic assets,” will help the organization sell the property and select a new site.

...ABS also has about 80 people in its offices outside of Philadelphia, about the same number of employees in its New York headquarters, Morin said. He said that the organization faces updates in code requirements costing tens of millions of dollars within the next 18 months and plans to sell the building in the next 14 to 15 months.

...“We know and we’re honest about how it’s expensive to be in New York City. We have no intention of abandoning it,” said Morin, suggesting that the organization is determining whether to buy, lease or rent property. “Where we put our core operations has not been determined.”

Before Birdsall was fired, he had proposed replacing the existing building with a 30-story structure that could include an Omni Hotel and space for other ministries to rent.

...The building’s greatest asset was its location, close to Columbus Circle, Lincoln Center and Central Park, said Gregory Thornbury, president of The King’s College. “That is one of the most enviable plots of real estate on the island of Manhattan,” he said.

...“Evangelical institutions have abandoned the cities,” Thornbury said. “New York is the seat of power on planet Earth, so it takes a constant vigilance and focus and determination to stay in the game.”

NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.