Lebenstein, Reichenstein, and Wollens of Cassidy Turley negotiates $5.3 million sale of non-profit community facility

Cassidy Turley, a leading commercial real estate services provider in the U.S., negotiated the sale of a six-story, non-profit community facility building on behalf of Palladia, Inc. at 315 East 115th Street to The Bowery Mission. The total transaction value is $5.3 million for the 21,390 s/f building. David Lebenstein, senior managing director, principal, Robair Reichenstein, managing director, principal, and Debra Wollens, vice president of Cassidy Turley's Not-For-Profit practice represented the owner in the negotiation. Cornerstone Advisory Services represented the purchaser, The Bowery Mission Society. Cassidy Turley obtained the assignment because of their varied expertise in developing and closing a competitive sales process, knowledge of the non-profit community and understanding of the unique nuances that resulted from the property's original deed restriction. In addition, the not-for-profit group had an established history with both the buyer and seller. David Lebenstein worked with Palladia 20 years ago to relocate their headquarters to 10 Astor Place and 740 Broadway, and recently assisted Bowery Mission in the acquisition of two properties in Harlem at 19-21 West 130th Street. "This transaction was unique due to the potential buyer needing to be not only a non-profit entity, but also able to comply with deed restrictions limiting the use to social services and housing-related programs. Our team effectively rose to that challenge, identified a number of potential buyers and was able to negotiate a transaction that met all of the seller's business objectives," explained David Lebenstein, Senior Managing Director, Principal of Cassidy Turley. "Both parties were quite pleased with the transaction as it met their collective needs." Palladia, Inc. began moving in a different programmatic direction and had little-to-no use for the 50 foot-wide, six-story, elevatored property, which was formerly housing a mother and baby program, while Bowery Mission had a direct need as a result of recent program and presence expansion in the Harlem area.