On the Market
The Urban Justice Center knows how to trade up, real estate-wise.
In 1984, a few years after his graduation from law school, Doug Lasdon received a $25,000 grant from the New York Community Trust to create the Urban Justice Center, a legal services organization for some of New York City’s poorest residents. He set up his new multi-service not-for-profit in a burned-out building in East Harlem. By 1997, Mr. Lasdon’s organization was operating out of a 7,700-square-foot floor at 666 Broadway that he had bought for $600,000. Ten years later, he sold the property for a handsome profit of $5.7 million.
Amid an increasingly difficult economic climate for non-profit organizations, the Funding Exchange (FEX) is closing the doors it opened at 666 Broadway in 1986, listing its office condo for sale through Rudder Property Group for just under $6.5 million, The Commercial Observer has learned.
The 8,621-square-foot condo makes up the entire fifth floor in the 13-story, 100,000-square-foot corner building in the NoHo area of Lower Manhattan. FEX purchased the condo in 1986 for $850,000, when the neighborhood was little more than a shadow of what it is today.
“Times are changing… new buyers are building this B-class nonprofit into a first-class Midtown South office building,” said Michael Rudder of Rudder Property Group, who sealed the exclusive marketing opportunity last week.
The building was converted to an office condo in 1985 and was designed to be purchased by non-profits. Since then the area has experienced explosive growth, fueled in part by New York University’s stronghold in the neighborhood and the rise of nearby Midtown South as a tech mainstay. But constrained funding in the post-recession climate has led to the downfall of many of the city’s non-profit groups, including at least two others in the building.