A nonprofit organization is planning on selling its impressive Park Avenue South headquarters for tens of millions of dollars, and if you're experiencing a profound sense of deja vu, you're not alone. Following this morning's news that the Church Missions House is parting with its 281 Park Avenue South building to the tune of $50+ million (which in turn followed the news that basically every other nonprofit in Manhattan is also cashing in on its property), United Charities, directly across 22nd Street at 287 Prospect Park South, is also selling. United encompasses the Children's Aid Society, the Community Service Society of New York and the New York City Mission, and the proceeds from the sale of the building would be split between the three of them. The Daily News reports that an unidentified buyer has offered a whopping $128 million for the Renaissance Revival-style 1892 building. Of that, $63.5 million would go to the Community Service Society, $31.8 million to the Children's Aid Society, and $31.9 million to the New York City Mission. 287 Park Avenue South was developed by philanthropist John Kennedy for United, and has never before been sold.
There's no word yet on what the building would be redeveloped into, but we'll bet condos against the field.
· Charities look to cash in on $128M bid for Gramercy HQ [NYDN]
· Church Missions House In Contract for $50M; Condos Ahead [Curbed]