DTZ, a global leader in commercial real estate services, announced today that its Not-for-Profit Specialty Practice Group and Capital Markets Division have assisted Inwood House in selling its 22,603 s/f Teen Learning Center located at 320 East 82nd St. in the Upper East Side. The transaction is a result of Inwood House's merger with The Children's Village and reflects the organization's strategic plan to expand The Agency's scale and overall impact in communities and schools.
Inwood House was represented by DTZ's Not-for-Profit Specialty Practice Group which included David Lebenstein, senior managing director, Debora Wollens, senior vice president and Robair Reichenstein, managing director; and its capital markets team comprised of Graham Stephens, managing director, Michael Collins, associate vice president and Robert Dicker, associate. The buyer was represented by Adelaide Polsinelli, senior managing director and principal at Eastern Consolidated.
In January, Inwood House entered into a partnership with The Children's Village and will be known as Inwood House at the Children's Village. Services and residential living for pregnant and parenting teens will be relocated from the 82nd St. location to The Children Village's newest location on 126th St. Proceeds from the sale of the property will increase The Agency's endowment support and further programs which serve 2,500 New York City youth through residential and foster family care, runaway and homeless youth and comprehensive school and community-based youth development programs.
320 East 82nd St. is a six-story property (with a basement), located between First and Second Aves. in the heart of the Upper East Side's Yorkville neighborhood. The building, originally constructed in 1915, has been home to Inwood House since 1964 - the organization has provided 24/7 care for approximately 30 pregnant and parenting teens at a time. The 22,603 s/f structure recently underwent a significant capital improvements program in 2009 and features high-ceilings, two outdoor terraces, large floor plates and large windows that provide an abundance of air flow and natural light.