The Real Deal New York

Nonprofit slashes $2 million off UES brownstone ask

Owners say nursery school is ripe for conversion
April 04, 2014 05:15PM

A nonprofit early childhood education center has chopped the asking price for its Upper East Side home from $20 million to $18 million after three months on the market.

The Children’s Aid Society is marketing the building that houses its Rhinelander Children’s Center at 350 East 88th Street as a future “single-family mansion,” Curbed reported. Lenny Sporn and Ariel Tavivian and Yair Tavivian of Douglas Elliman have the listing.The 15,405-square-foot property was first listed for $20 million in December after the center decided to focus its resources on lower-income areas, as reported at the time. The prewar space features two terraces and a gabled facade, and can be repurposed as a school, non-commercial art gallery, museum or medical office, according to the listing.

The nonprofit also sold two Sullivan Street properties to Broad Street Development for $33 million in 2011 that are to be converted into a 60,000-square-foot condominium project. [Curbed]Angela Hunt