NEW YORK - July 19, 2011 – Cassidy Turley, a leading commercial real estate services provider in the U.S., secured long-term lease agreements for Credit Where Credit is Due and Urban Homesteading Assistance Board, two prominent New York-based non-profit organizations. Credit Where Credit is Due, has signed a 15 year lease for approximately 7,500 square feet of space at 530 West 166th Street in Washington Heights in a recently completed property. The Urban Homesteading Assistance Board (UHAB) signed an early renewal of its 10 year lease at 120 Wall Street in New York City for 12,600 square feet of space.
Credit Where Credit is Due will occupy part of the ground floor at 530 West 166th Street for its banking operations, and the entire fourth floor for its educational services and administrative offices. Credit Where Credit Is Due empowers low-income individuals to become productive participants in the mainstream economy through a unique model. The organization delivers financial education programs in partnership with leading non-profit and government agencies across New York City.
The Urban Homesteading Assistance Board’s decision to renew its lease prior to expiration, allowed the non-profit to lock in rent at the bottom of the market, as well as obtain market free rent and a cash contribution for updating the space. Since 1973, the Urban Homesteading Assistance Board has assisted in the preservation of 1700 residential buildings and created home ownership for more than 30,000 households of low and moderate-income families.
“Cassidy Turley is pleased to have assisted Credit Where Credit is Due in its relocation – we were more than willing to go the extra mile for such an important non-profit organization that provides so much to New York City,” said Robair Reichenstein, Managing Director of the Not-for-Profit Practice Group at Cassidy Turley. “By identifying highly visible ground floor retail for its credit union, with less expensive office space upstairs, the organization can now afford to expand its critical financial services to the residents of Northern Manhattan.”
“Since we knew that the Urban Homesteading Assistance Board liked its office space, Cassidy Turley counseled the executive staff to renew early, rather than wait until the end of the lease. By renewing the lease before it expired and getting a little help from the current economy, we were able to help the non-profit save a lot of money with this long-term lease agreement,” said David Lebenstein, Senior Managing Director, Principal and Leader of the Not-for-Profit Practice at Cassidy Turley.
Mr. Reichenstein and Mr. Lebenstein, from Cassidy Turley’s Not-for-Profit Practice Group, represented Credit Where Credit is Due in the lease transaction. On the UHAB renewal, assisting Mr. Lebenstein with the transaction were Debra Wollens, Vice President at Cassidy Turley, Mr. Reichenstein, Managing Director and Edward Kent, Associate.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with 3,200 professionals in 60 offices nationwide. The company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $17 billion in 2010, manages 430 million square feet on behalf of private, institutional and corporate clients and supports over 25,000 domestic corporate services locations. Cassidy Turley serves owners, investors and occupiers with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. In 2010, the firm enhanced its global service delivery outside of North America through its partnership with GVA. Please visit www.cassidyturley.com for more information about Cassidy Turley.