United Charities building could fetch $128M

Charitable groups look to raise cash with sale of building at 287 Park Avenue South

New York /
Jul.July 31, 2014 03:00 PM

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


Related Articles

arrow_forward_ios
From left: Wafra’s Fawaz Al-Mubaraki and The Westover Companies’ Guntram Weissenberger with 138 East 12th Street (JLL, Getty, Wafra, The Westover Companies)
Wafra sells East Village’s The Nathaniel for $57M
Wafra sells East Village’s The Nathaniel for $57M
Angelo Gordon’s Josh Baumgarten and 2250 Broadway in Manhattan (Getty, Douglas Elliman, Angelo Gordon)
Angelo Gordon’s UWS buy tops sluggish week for midsize investment sales
Angelo Gordon’s UWS buy tops sluggish week for midsize investment sales
Tankhouse’s Sam Alison-Mayne with 452 Union Street (Facades Plus, Google Maps, Getty)
Multifamily deals dominate strong week of NYC i-sales
Multifamily deals dominate strong week of NYC i-sales
Arch Companies’ Jeffrey Simpson with 1633 East 16th Street (Arch Companies, Google Maps)
Just two mid-market investment sales closed in NYC last week
Just two mid-market investment sales closed in NYC last week
Davean Holdings’ Sean Lefkovits with 163-167 1st Avenue (Davean Holdings, Google Maps, Getty Images)
Davean Holdings snaps up East Village mixed-use buildings
Davean Holdings snaps up East Village mixed-use buildings
625 Bolton Avenue in the Bronx and Turner Impact Capital Principal Bari Cooper Sherman (Turner Impact, Google Maps, Getty)
Turner Capital sells Bronx charter school in quiet week of i-sales
Turner Capital sells Bronx charter school in quiet week of i-sales
Valerie Dillon and Arthur Becker with 465 Washington
After battle with Becker, gallery owner sells Tribeca pad
After battle with Becker, gallery owner sells Tribeca pad
61-01 Springfield Avenue in Bayside with Skyline Properties’ Robert Khodadadian and Daniel Shirazi (Google Maps)
Bayside shopping center goes for $32M to lead mid-market sales
Bayside shopping center goes for $32M to lead mid-market sales
arrow_forward_ios

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

Loading...