$3.8 million purchase of Basic Trust Preschool negotiated by Cassidy Turley's Lebenstein

Cassidy Turley closed Basic Trust Preschool's $3.8 million acquisition of a four-story plus townhouse at 127 West 94th Street. The 5,541 s/f building with outdoor play space has been owned by the Mandell School since 1939. David Lebenstein, senior managing director, Principal, of Cassidy Turley represented the buyer, and Hall Oster, first vice president of sales of Massey Knakal, represented the seller. Basic Trust is a not-for-profit childcare center committed to providing a safe and loving environment for infants, toddlers and preschool children. This transaction is the culmination of eight years of advisory by David Lebenstein of Cassidy Turley, during which time he guided the organization in fulfilling its real estate needs. The purchase is an opportunity to not only relocate, but also control and own a space in a desired neighborhood that has limited available space options. Basic Trust plans to move from its existing location when the current tenant's lease expires in 2015. The property at 127 West 94th Street features recently renovated classrooms, outdoor recreation and garden area and requires minimal capital expenses. It is expected to be the organization's permanent home. "The purchase of the West 94th Street property marks a meaningful and long-awaited milestone in Basic Trust's history. The incredibly convenient location will allow us to continue to enjoy our daily lives as one big family in a space that will foster greater interaction, enable growth and provide important outdoor space for students to both play and learn," said Mary Biggs, Director, Basic Trust. "After working with Basic Trust for almost a decade, it is such a joy to see this great organization find a permanent home that is not only in the desired neighborhood, but also requires minimal capital investment," said Lebenstein.