NEW YORK – Cassidy Turley, a leading commercial real estate services provider in the U.S., recently negotiated the sale of a six-story, non-profit community facility building on behalf of Palladia, Inc. at 315 East 115th Street to The Bowery Mission. The total transaction value is $5.3 million for the 21,390-square-foot building. David Lebenstein, Senior Managing Director, Principal, Robair Reichenstein, Managing Director, Principal, and Debra Wollens, Vice President of Cassidy Turley’s Not-For-Profit practice represented the owner in the negotiation. Cornerstone Advisory Services represented the purchaser, The Bowery Mission Society.
Palladia, Inc. is one of the largest non-profit multi-service agencies of its kind in New York City today. Palladia serves families and individuals struggling with substance abuse, homelessness, mental illness, trauma, domestic violence, behavioral health issues, and assists those transitioning from the criminal justice system.
Cassidy Turley obtained the assignment because of their varied expertise in developing and closing a competitive sales process, knowledge of the non-profit community and understanding of the unique nuances that resulted from the property’s original deed restriction. In addition, the not-for-profit group had an established history with both the buyer and seller. David Lebenstein worked with Palladia 20 years ago to relocate their headquarters to 10 Astor Place and 740 Broadway, and recently assisted Bowery Mission in the acquisition of two properties in Harlem at 19-21 West 130th Street.
“This transaction was unique due to the potential buyer needing to be not only a non-profit entity, but also able to comply with deed restrictions limiting the use to social services and housing-related programs. Our team effectively rose to that challenge, identified a number of potential buyers and was able to negotiate a transaction that met all of the seller’s business objectives,” explained David Lebenstein, Senior Managing Director, Principal of Cassidy Turley. “Both parties were quite pleased with the transaction as it met their collective needs.”
Palladia, Inc. began moving in a different programmatic direction and had little-to-no use for the 50 foot-wide, six-story, elevatored property, which was formerly housing a mother and baby program, while Bowery Mission had a direct need as a result of recent program and presence expansion in the Harlem area.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 3,700 professionals in more than 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 $22 billion in 2011, manages 455 million square feet on behalf of institutional, corporate and private clients and supports more than 28,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants 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. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.