Non profit organization, The Bowery Mission, purchased 315 East 115th Street for $5.3 million. The 21,390-square-foot building was sold by Palladia Inc., a non-profit which serves families and individuals struggling with substance abuse, homelessness, mental illness, trauma, domestic violence, behavioral health issues, and assists those transitioning from the criminal justice system.
The 50-foot wide, six-story building first hit the market in the second half of the summer and The Bowery Mission closed the deal on January 10, deciding to move in immediately, said David Lebenstein, senior managing director and principal with Cassidy Turley’s Not-For-Profit practice, who represented the owner. Others in the firm who represented the seller include Robair Reichenstein, managing director, principal, and Debra Wollens, vice president.
The marketing process was unique in that zoning stipulated that only another non-profit could acquire the building. Between 15 and 20 organizations were notified about the availability of the building, of which only four showed serious interest. Two finally began bidding for the property, Mr. Lebenstein said. “I wish I had two of those buildings because I would have been able to sell it twice.”
The decision to sell was made because Palladia had used the building for a program it had phased out and chose to sell the building rather than pay to have it altered to facilitate another of its programs. “They made a decision that this was surplus,” Mr. Lebenstein said. The money from the sale will be invested in the organizations other programs and services, he added.
The Bowery Mission – an organization serving the city’s homeless – was attractive to the seller because it had a “strong balance sheet” and was backed by private funding, Mr. Lebenstein said. Bowery Mission did not respond immediately to calls for comment and its representative in the deal, Cornerstone Advisory Services, was unavailable for comment Tuesday.
Mr. 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.