Children’s Aid Society sells Midtown HQ

Habib American Bank was the buyer; Harry Macklowe and Meyer Equities had previously sparred over the building

New York /
Apr.April 27, 2020 12:30 PM
150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)

150 East 45th Street and Children’s Aid president Phoebe Boyer (Credit: Google Maps)

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


Related Articles

arrow_forward_ios
Rockrose Development Justin Elghanayan and 98 DeKalb Avenue in Brooklyn (Credit: Google Maps)

Rockrose closes $81M all-cash Brooklyn buy

Rockrose closes $81M all-cash Brooklyn buy
David Schechtman, Bob Knakal, Peter Von der Ahe

Top I-sales brokers on what to do when there are no deals

Top I-sales brokers on what to do when there are no deals
A homeless person walks by Time Square in the look for shelter (Photo by Andrew Lichtenstein/Corbis via Getty Images)

“There’s no plan:” Homeless brace for coronavirus

“There’s no plan:” Homeless brace for coronavirus
The development site at 98 Dekalb Avenue and Rockrose Development's Justin and Henry Elghanayan (Credit: Google Maps)

Rockrose is moving into Brooklyn

Rockrose is moving into Brooklyn
Residential dev site in a LIC Opportunity Zone hits the market

Residential dev site in a LIC Opportunity Zone hits the market

Residential dev site in a LIC Opportunity Zone hits the market
From left: Fredrik Eklund, Bob Knakal, and John Gomes (Credit: Getty Images)

New details emerge as Fredrik Eklund’s beef with Bob Knakal continues

New details emerge as Fredrik Eklund’s beef with Bob Knakal continues
From left: Fredrik Eklund, John Gomes, 25 Mercer Street, and Bob Knakal (Credit: Getty Images and Google Maps)

Fredrik Eklund and John Gomes throw shade at Bob Knakal amid commission dispute

Fredrik Eklund and John Gomes throw shade at Bob Knakal amid commission dispute
Fort Greene dev site up for sale asking $65M

Fort Greene dev site up for sale asking $65M

Fort Greene dev site up for sale asking $65M
arrow_forward_ios

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

Loading...