125 Park Avenue
The Atlantic Philanthropies, a foundation of the famously fame-averse billionaire Chuck Feeney, is quietly subletting its vacated Park Avenue space to another nonprofit. New York Blood Center, the largest nonprofit independent blood center in the country, will move into the entire 21st floor. The philanthropic vehicle of Mr. Feeney, who made his billions through a chain of duty-free airport shops, recently relocated to Varick Street but was intent on subletting to another nonprofit.
“Given the number of parties involved and the dynamics of the transaction, it required a multilayered solution,” said Suzanne Sunshine, who co-brokered the deal with Glen Markman of Cushman & Wakefield. Cassidy Turley‘s David Lebinstien represented New York Blood Center.
Ms. Sunshine, who works exclusively with nonprofits, said, “There is tremendous nuance in transactions particular to nonprofits. My role is to advise and find solutions that are not otherwise easy or obvious.”
The deal was further complicated by a shift in building ownership: Shorenstein Properties sold to SL Green. “I was able to gather the key members, and assure them that this sublease was in the best interest of everyone involved,” Ms. Sunshine said. “Ultimately, everyone agreed that this transaction was the right deal at the right time.”