Not-for-Profit Foster Care Program Relocating Within Upper Manhattan
By Lauren Elkies Schram September 14, 2018 12:08 pm
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Lutheran Social Services of New York (LSSNY) has taken 11,366 square feet at 75 West 125th Street to house its foster care program, Commercial Observer has learned.
The space spans the third and fourth floors of the four-story, 27,933-square-foot property between Fifth and Lenox Avenues, according to information provided by Lee & Associates NYC, the tenant’s broker.
LSSNY, a licensed family and foster care group with programming including childcare, affordable housing, hunger prevention and various services for seniors, immigrants and refugees, will be relocating the foster care program to West 125th Street from 218 West 147th Street between Adam Clayton Powell Jr. Boulevard and Frederick Douglass Boulevard. That space will be occupied by another LSSNY-sponsored program when the foster care program relocates later this month. (LSSNY is headquartered at 475 Riverside Drive between West 119th and West 120th Streets.)
The lease on West 125th Street is for eight and a half years with an asking rent of $46 per square foot, per Lee & Associates NYC.
Damyn Kelly, the president and CEO of LSSNY, said the new location “will enable us to serve even more New Yorkers, which is ultimately our sole reason for existence.”
Lee & Associates NYC’s Kenneth Salzman, who represented the tenant with Seth Rosen, said in a prepared statement: “Ownership’s cooperation was instrumental in completing a transaction that met the needs of all parties involved, including New York City’s foster care youth.”
The landlord, Nader Ohebshalom’s Gatsby Enterprises, acquired the property this March for nearly $19.5 million, as CO reported at the time. Gatsby’s broker, James Bullaro of Bullaro Properties Realty Services, noted that “the deal went very smoothly and quick on both sides.”
