The Real Deal New York

Nonprofit buys $13M office condo in downtown Manhattan

Purchase comes after Federation of Protestant Welfare Agencies sold its HQ for $50M
August 01, 2014 08:30AM

The Federation of Protestant Welfare Agencies is buying office space for more than $13 million.

The nonprofit bought a 33,000-square-foot floor at 40 Rector Street. The NAACP, the Urban Justice Center and Big Brothers Big Sisters all own space in the building.

Earlier this year, the federation sold its landmarked headquarters on Park Avenue South for $50 million.

Philips International, the company that purchased the 19-story, 600,000-square-foot tower at 40 Rector Street in 2000, is selling off most of its property.

Nonprofit organizations often prefer to buy office condos, rather than rent, because they don’t have to pay the real estate taxes that are included in leases. [Crain’s] — Claire Moses