Nonprofits up presence in New York real estate

The nonprofit sector of the New York economy is jumping into real estate. Nonprofits sold Manhattan real estate valued at $147.6 million in 2001, according to data from Cushman & Wakefield. By 2004, that amount had rised to $581.6 million. During the same period, the number of sales by nonprofits in Manhattan almost doubled, from 17 in 2001 to 31 in 2004. more [Sun]