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New York

Nonprofits look to cash out

Faced with tepid business conditions, some groups put their townhouses on the block and decide to downsize to commercial condos instead

From the September issue: More than six decades ago, the Xavier Society for the Blind bought the 15,783-square-foot, seven-story building at 154 East 23rd Street. In July, it put the property on the market for $13 million. The decision came in response to changes in how the nonprofit, a library service for the visually impaired, produces its audio and print materials. But the decision was also driven by changes in New York’s investment sales market.

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“These are savvy folks, and they realized that they missed the up market of ’05, ’06, ’07,” said David Schechtman, an executive managing director at Eastern Consolidated, the brokerage marketing the building. “They are hip enough and well-advised enough to realize we’re at a real high in the market again.” [more]

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Townhouse Market