Charity Row no more: a three-block stretch of Park Avenue South just north of Gramercy Park is seeing the exodus of the nonprofits that gave it that name. Following suit in the ongoing trend amongst nonprofits of shedding expensive real estate to garner funds for operation, the Children's Aid Society, New York Mission Society, and Community Service Society of New York have jointly listed the renaissance revival-style United Charities Building at 105 East 22nd Street that has served the organizations for decades. The nonprofits are hoping to fetch over $100 million for the building, which the Journal reports is being marketed as a luxury residential conversion. "Our mission is about serving the poor of New York City,"the president and chief executive of the Community Service Society, David R. Jones, told the Journal. With the revenue from the sale, the nonprofits could do just that.
When once these buildings on Charity Row benefited from their proximity, the central hub model is not really how things work anymore. "I'm holding cubicles and corner offices open for social workers who aren't there anymore because they're out in the field assisting people one to one," said Jones. Surely the changing landscape of nonprofit work adds fuel to the fire that's encouraging these large-sum real estate transactions. The American Bible Society is hoping to fetch $300 million for their building down the block from Columbus Circle. Similarly, the New York Foundling have put its Village outpost on the market for $47.5 million. If ever a time to sell, the moment is now.
· Charities Cash In on Manhattan Real-Estate Market [WSJ]
· Nonprofit Woes archives [Curbed]