Across the city, nonprofits, much like churches and landmarks, are turning to real estate developers to solve their financial woes. Thanks to developers' insatiable desire to build more high-end residential, nonprofits with properties in prime locations are selling their buildings for sky-high sums. United Cerebral Palsy of New York City recently sold its East 23rd Street headquarters to Toll Brothers for $135 million, an amount that, according to the Times, the nonprofit's chief executive said "was beyond our wildest imagination." The money will allow the group to relocate and renovate a new rented space on the Upper West Side.
The Times points out that nonprofit universities have joined the trend as well. St. John's recently sold a downtown building at 101 Murray Street for more than $200 million, and the City University sold 20 East End Avenue, now headed for a condo conversion, for $62 million. Other nonprofits are taking slightly different money-making routes. Earlier this year, the New York Foundling leased three newly renovated floors in its Chelsea building, and God's Love We Deliver made $4 million on an air rights sale.
· Nonprofits With Sought-After Buildings Take Advantage of a Hot Market [NYT]