Another Charity Row property for sale, may fetch $100M

"Moment is now" to sell United Charities Building, board member says

TRD New York /
Mar.March 27, 2014 02:20 PM

The United Charities Building, one of the last Charity Row holdouts along a stretch of Park Avenue South that is turning increasingly residential, is on the market and expected to fetch over $100 million.

Marketed as a residential conversion, the building at 287 Park Avenue South is 50 percent-owned by the Community Service Society of New York and 50 percent-owned by the Children’s Aid Society and New York City Mission Society, which each hold 25 percent stakes. The oldest of the three, the Mission Society, has been in operation since 1812.

“The moment is now,” Dan Lehman, secretary of UCB’s board and chief financial officer of Children’s Aid, told the Wall Street Journal. “Our organizations no longer feel the strong, compelling operational need we once had to be headquartered on Charity Row when we can realize exceptional value from our real estate.”

The groups tapped Newmark Grubb Knight Frank Capital Markets to market the property, inking an agreement to put the 110,000-square-foot building on the block on March 21. The building could also host a 30,000-square-foot addition, as the 130-foot tall property is permitted to stretch up to 210 feet high thanks to area zoning.

New York City’s “munificence and benevolence,” as charities were dubbed in the late 19th century, once clustered around a central hub — a model that is now out-of-date, David Jones, president and chief executive of the Community Services Society, told the Journal. “I’m holding cubicles and corner offices open for social workers who aren’t there anymore because they’re out in the field assisting people one to one,” he told the paper.

Other area nonprofits making their exit are the Xavier Society for the Blind, which sold its 154 East 23rd Street headquarters to Omnia Group in December for $9 million, and United Cerebral Palsy of New York City, which is selling its 122 East 23rd Street home to Toll Brothers for $135 million.

For the moment, the Federation of Protestant Welfare Agencies, located across the street from UCB at 281 Park Avenue South, is one of Charity Row’s last holdouts. The nonprofit did not discuss any plans to sell with the Journal. [WSJ]Julie Strickland


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
Equity Residential chairman Sam Zell (Getty)

Equity Residential sees profits drop 58%

Equity Residential sees profits drop 58%
City’s new Open Storefronts program will allow shop owners to sell their wares on sidewalks (Getty)

NYC to allow store owners to sell wares on sidewalks

NYC to allow store owners to sell wares on sidewalks
Donald Trump and the Trump Tower in Chicago (Getty, Trump Org.)

Trump strong-armed lenders to forgive Chicago tower debt: NY Times

Trump strong-armed lenders to forgive Chicago tower debt: NY Times
Blackstone president Jonathan Gray (Getty; iStock)

Blackstone earnings are up despite commercial real estate woes

Blackstone earnings are up despite commercial real estate woes
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...