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United Charities building could fetch $128M
Charitable groups look to raise cash with sale of building at 287 Park Avenue South
A rare 110,000-square-foot Renaissance Revival building in Gramercy could soon be sold.
United Charities has asked a judge to approve the sale of the longtime headquarters for its affiliated groups at 287 Park Avenue South on the corner of 22nd Street, the New York Daily News reported. The building went on the market in March. The organization sought permission to sell after receiving a $128 million bid from an undisclosed buyer, according to the newspaper.
Newmark Grubb Knight Frank Capital Markets has been marketing the building. United Charities put the building on the block to pad their endowments and capital reserves.
Three charities that operate under the umbrella of United Charities would divvy up the profits if the sale were to go through. The Community Service Society would take $63.5 million, the Children’s Aid Society would walk away with $31.8 million and the New York City Mission would get $31.9 million. [NYDN] — Tom DiChristopher