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Brooklyn monastery campus sells for $42.25 million
The 7.5-acre Bay Ridge property, behind 30-foot stone walls, is being sold after the school and monastery shut in 2024 and the sellers expect $40.9 million in net proceeds to be held in escrow.
Commercial Observer reports that the Sisters of the Visitation Monastery in Bay Ridge, Brooklyn, has been sold for $42.25 million.
The sale covers a 7.5-acre campus at 8902 Ridge Boulevard, including a monastery, chapel, and school, which have been shuttered since 2024 after the order said its numbers fell too low to sustain full ministry.
The transaction was approved by the New York State Attorney General after a petition by the Catholic religious order to sell its real estate, a step required under New York law when nonprofits dispose of all or most of their assets.
According to the filing, the buyer entity, 1137 91 LLC, is backed by Brooklyn-based development and investment firms, including Integritas Capital founder Stephen Palmese and Heights Advisors founder Rachel Foster, and the sellers expect net proceeds of $40.9 million to be held in escrow under an approved dissolution and distribution of assets plan.