The Lead

The latest news from General Seminary is not as specific as one might like. The Seminary's board has apparently taken decisive action to keep the institution afloat, but it is difficult know at this point just what that action is.

A press release says the seminary is selling "several properties," but doesn't say which ones. Still, Bishop Mark Sisk of New York, the new chairman of the seminary's board likes the plan, and he is nobody's fool.

He said: "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, GTS trustees today took a bold but very carefully considered step to leverage assets through the sale of residential properties. The payoff is the substantial if not the complete elimination of all General’s debt.”

The release continues:

“At the crux of our financial crisis we realized that this plan was the only alternative for a comprehensive solution that was achievable in a few years,” said the Rev. Lang Lowrey, the Interim President of GTS. “Someone at the table mentioned that our journey in the next few years would be similar to the years the Israelites spent in the desert and it called to mind a passage in Deuteronomy about choosing life and so the name for the comprehensive approach was born.” Lowrey admitted that in enacting the Plan to Choose Life, General will have a very busy and difficult eighteen to twenty-four months ahead. The trustee action enables the school to complete negotiations for the sale of the properties and the complex process of relocating students and faculty residents to newly renovated housing.

We suspect that the name of the plan may cause some confusion because the anti-abortion movement has all but copyrighted the phrase "Choose Life."

Comments (8)

I speculate they are selling apartments across from but outside the Close, on W. 20th St. between 9th & 10th Avenues.

Posted by Josh Thomas | October 18, 2010 11:39 PM

Sounds like they want to share ownership of the conference center with some church or non-profit entity that would buy-in to the facility. Probably to relieve some debt related to that project and spread around the risk. How much money the Conference Center will pull into the Seminary is not clear from this e-mail.

Posted by Andrew Gerns | October 19, 2010 12:02 AM

That was my first thought too, Josh--the 422 building...

Posted by Derek Olsen | October 19, 2010 12:33 AM

What we heard at the last alumni council meeting was that the sale would not be of property that compromised the Seminary's mission. And the properties they identified fit that description completely. Unless plans have changed, it's not 422.

Posted by Donald Schell | October 19, 2010 2:33 AM

They should be transparent about these "residential properties." After all, a week ago they sent me a fundraising appeal. If they now have a solution to eliminate the debt, then tell us what it is.

Posted by Josh Thomas | October 19, 2010 2:25 PM

This came from ENS today: "The properties being sold include a building at 422 West 20th Street that mostly houses seminary students, all of whom will be moved onto the campus into newly renovated space, the Rev. Lang Lowrey, interim president of GTS, told ENS on Oct. 19."

Looks like the plan did change, Donald.

Posted by Derek Olsen | October 19, 2010 4:33 PM

Derek,

You were right about 422.

I had a helpful call from seminary office and am looking forward to Alumni Council next month to full and specific plans, but what I heard made sense and all sounds like a solid commitment to General's present and continuing mission.

What I heard clearly is that Lang Lowrey's sense of what General needs now includes - eliminating debt, renewing the endowment, and renovating housing on the close that still suffers from deferred maintenance and needs interior renovation.

Serving on alumni council I was continually amazed at how well Dean Ward Ewing kept General making progress in renewal of Chelsea Square (Tutu Center, geothermal heating/cooling, New Library, renewed green space, etc.) and faced crises and setbacks with grace and cheerful faith.

Interim President Lowrey sees this as the moment to take the steps to ensure longer term stability and renewal. What I'm hearing sounds well-through through.

And I think the outcome can and will be considerably better than our headline here, the goal is vitality in NYC, not just staying afloat.

Posted by Donald Schell | October 20, 2010 7:51 PM

Thanks to Donald, Josh, and others for their comments. Assuming most everyone has seen the ENS story, I would highly recommend the Newsroom section of the GTS website (www.gts.edu) where we posted some new documents just yesterday--particularly President Lowrey's report to the Board of Trustees and student/staff/faculty perspectives on the new plan for financial restructuring. I'm also happy to answer questions and we're holding a series of webinars on the subject. Let me know if you're interested in attending. (bparker@gts.edu). --Bruce Parker, Assoc. VP GTS

Posted by Bruce Parker | October 21, 2010 11:34 AM

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