Urban Churches Are Selling Properties and Air Rights to Developers

A crunch on open space in many cities has developers courting churches with multimillion-dollar offers to buy their property and sometimes even the air above their heads.

Finding the sky is the limit, many congregations are cashing in. "In an urban area, air rights are just as much an asset as a piece of property," said the Rev. John M. Buchanan, pastor of Fourth Presbyterian in Chicago, which is working on a deal that could bring in $25 million.

From New York to Seattle, downtown congregations are striking deals worth tens of millions of dollars. Those willing to sell are often Protestant churches saddled with aging buildings, growing deficits and shrinking memberships.

Although the real estate market has cooled in recent months, industry veterans say the church trend remains strong, especially in revitalized cities where the supply of condominiums and office space has not caught up with demand.

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