The Children’s Aid Society sold its Midtown headquarters, as the nonprofit organization relocates to a property it purchased in Harlem.
Habib American Bank acquired the organization’s building at 150 East 45th Street for $28.25 million, sources told The Real Deal.
The bank, now headquartered on Madison Avenue, will use the building for its headquarters, according to a source familiar with the deal. The purchase price works out to just above $720 per square foot for the nearly 40,000-square-foot building between Lexington and Third avenues.
Children’s Aid chief operating officer Don Shacknai said the closing puts the organization one step closer to finalizing the relocation plan it started more than five years ago.
“The timing aligns well with our target for fully transitioning all administrative operations uptown this summer,” he said.
A representative for Habib American Bank did not immediately respond to a request for comment.
A JLL team of Bob Knakal, Jon Hageman, George D’Ambrosio and Clint Olsen marketed the property and negotiated the sale on behalf of the Children’s Aid Society. A representative for the brokers declined to comment.
The nonprofit is relocating some 200 employees to a building at 114 West 125th Street, which it purchased last month for $45 million.
The organization’s Midtown headquarters had been the subject of a contentious legal battle involving Meyer Equities and Harry Macklowe, who believed he had a right of first refusal to match any offer made on the building.
A judge ruled against Macklowe, giving the green light to move forward on the deal to Meyer Equities, which then feuded with the Children’s Aid Society over the terms of a sale-leaseback and ultimately failed to close a deal.
Contact Rich Bockmann at [email protected] or 908-415-5229