If there's one thing that has become clear during the current luxury residential building boom, it's that Manhattan is no longer a place to not make a profit. Nonprofit organizations (the ones there are lucky enough to own their own properties, that is) are selling en masse, getting huge sums of money from eager developers of high-end housing. Among the groups that have divested themselves of their Manhattan headquarters are St. John's University, which sold a Tribeca dorm for $233 million, United Cerebral Palsy, which got $135 million for its East 23rd Street HQ, and many more, which can be found on the handy map we've compiled. (As always, feel free to leave any that we missed in the comments section.) For the purposes of keeping the map manageable, we've excluded churches — they already have their own map anyway.Read More
Here's a Map of NYC Nonprofits Turning into Luxury Housing
American Bible Society
The American Bible Society has spent nearly five decades at its location near Columbus Circle, and is now hoping to cash in to the tune of at least $300 million. Something residential is likely. (Isn't it always?)
The Atlantic Foundation put its West Chelsea headquarters on the market back in October. The building sold this February for $50 million to foreign investor Uri Chaitchik. Eyebeam, the nonprofit gallery and studio space for artists that was occupying the building, will move to Brooklyn.
Cabrini Nursing Home
Ben Shaoul bought the 240-bed Cabrini Nursing Home for $25.5 million way back in 2011, quickly turning it into luxury rentals. Goooood for him.
Center for Fiction
The Center for Fiction, "the only nonprofit literary organization in the U.S. solely dedicated to celebrating fiction," put its Midtown building on the market for $18 million in February. It claims, however, to be less interested in the money than it is in not being in Midtown anymore. We can sympathize.
City University of New York
Corigin Real Estate Group paid $61.75 million for this former CUNY building in January of 2013, and is in the process of developing a 17-story, 39-unit building at the site.
Church Missions House
The Church Missions House, right across the street from the United Charities Building, was owned by the Federation of Protestant Welfare Agencies from 1963 to last month, when it went into contract for over $50 million. In a surprising twist, new owner Aby Rosen will convert the building into offices, not condos.
FedCap Rehabilitation Services
Nonprofit FedCap Rehabilitation Services sold their four-story building to developer Adellco in May for $26.75 million. Adellco has announced plans for an 11- or 12-story condo building at the site.
God's Love We Deliver
God's Love We Deliver is the rare Manhattan nonprofit that is not only staying in its current location, but expanding. It did need money, though (who doesn't?) so it sold off $4 million in air rights to the neighboring One Vandam condo development. Also, its new expanded headquarters does not look like it's going to be pleasing to the eye.
Green Chimneys Gramercy Residence
The former 21st Precinct Station House later became a group home for LGBTQ youth, but that organization's contract with the city expired last year. The building was then sold to Suzuki Capital for $11.5 million. They plan to demolish it and build condos in its stead.
Hale House, which helps the homeless and educates underserved children, sold off its Harlem headquarters for $2.2 million this June. The new owner, Dabar Development, plans to convert the 1910 townhouse into four apartments.
The New York Foundling
The New York Foundling, which assists underserved children, families, and adults with disabilities, put their Greenwich Village headquarters on the market in March. It's asking $47.5 million, and superbroker Dolly Lenz is trying to market it as a potential 19,000-square-foot single-family mansion. If anybody can do it, it's her, but still...
New York Road Runners
The New York Road Runners, which oversees the New York City Marathon, informed members in June that, "We've outgrown our 89th Street building, and we will now be putting it up for sale." The asking price for the six-story townhouse is $24.8 million.
Rhinelander Children's Center
The Children's Aid Society's had a little more trouble than most relieving itself of its Manhattan property. It listed the Rhinelander Children's Center, a nursery school housed in a stately townhouse, for $20 million, but had to cut the price to $18 million to find a buyer. It is not yet known what the new owner plans to do with the property, but it was marketed as a potential single-family-mansion conversion.
SCO Family of Services
Nonprofit SCO Family of Services bought the three-story office building at this address for $500,000 in 1985, and put it on the market earlier this month hoping for "north of $25 million." Development rights would allow for quite a large tower.
St. John's University
St. John's sold off one of its Tribeca dorms for $233 million last May. Buyers Steven Witkoff and Fisher Brothers are planning what could be Downtown's tallest residential building.
United Cerebral Palsy
United Cerebral Palsy of New York City sold its longtime 23rd Street headquarters last year to Toll Brothers for $135 million, an amount that the nonprofit's CEO said was "beyond our wildest imagination."
United Charities Building
The United Charities Building at 287 Park Avenue South (alternately, 105 East 22nd Street), which contains the headquarters for the Children's Aid Society, the Community Service Society of New York, and the New York City Mission, recently went on the market and has reportedly gotten an offer of $128 million. The money would be split between the organizations.
The Jehovah's Witnesses have sold off six of their Dumbo properties in the past few years. Five of them — 55 Prospect Street, 81 Prospect Street, 117 Adams Street, 77 Sands Street and 175 Pearl Street — are being redeveloped by Kushner Companies, RFR Realty, and LIVWRK Holdings. The sixth, 177 Front Street, is being turned into rentals by Megalith Capital Management and Urban Realty Partners.