A 170-year-old monastery in Bay Ridge, Brooklyn, has sold for $42.25 million.\u00a0<\/p>\n
The Sisters of the Visitation<\/a>\u2019s 7.5-acre campus at 8902 Ridge Boulevard \u2014 a campus behind 30-foot stone walls, with a monastery, chapel and school \u2014 was bought by a group of Brooklyn-based developers and investors with a history of large residential projects, including leaders of Integritas Capital<\/a> and Heights Advisors<\/a>.<\/p>\n SEE ALSO: El-Ad National Buys Oceanfront Fort Lauderdale Hotel for $60M<\/a><\/p>\n A petition by the Catholic religious order to sell its real estate was approved by the office of the New York State Attorney General on Monday. Nonprofits are required by New York law to obtain approval when it sells all or most of its assets.<\/p>\n The buyer entity, 1137 91 LLC, is led by Brooklyn real estate investor\u00a0Stephen Palmese, founder of private equity platform\u00a0Integritas Capital (and a former vice chair at\u00a0JLL). Passive investors included\u00a0Rachel Foster, founder and president of Brooklyn\u00a0housing developer<\/a>\u00a0Heights Advisors, alongside the developer\u2019s director,\u00a0Scott Geddes, as well as\u00a0Daniel Kodsi\u00a0and\u00a0Matthew Kodsi\u00a0.<\/p>\n The longtime professional partners are planning a resort-residential tower in Fort Lauderdale, according to The Real Deal<\/a>. Palmese\u2019s Integritas is also the lender behind a forthcoming 27-story church-to-residential conversion<\/a> in Brooklyn\u2019s Fort Greene.\u00a0<\/p>\n The cohort of buyers suggests the historic property\u2019s likely fate as a major mixed-used or residential development.\u00a0<\/p>\n The Visitation Sisters entered into an initial contract in late April, according to the filing, but the school and monastery have been shuttered since 2024<\/a>, after their numbers dropped too low to sustain full ministry. The Visitation Sisters, formally the Order of the Visitation of Holy Mary, were a French order founded in 1610. Their presence in Brooklyn dates back to 1855.\u00a0<\/p>\n The sellers expect net proceeds of $40.9 million, according to the filing, which will be held in escrow under an approved dissolution and distribution of assets plan.<\/p>\n The beneficial owners and their representatives did not respond immediately to requests for comment.<\/p>\n