Chinese-American Planning Council Has a New $20.2M Lower East Side HQ
By Abigail Nehring March 19, 2024 5:30 pm
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The long wait is finally over for the Chinese-American Planning Council (CPC).
The nonprofit closed a deal with Gotham Organization on March 6 to convey a 40,000-square-foot commercial condominium at 45 Suffolk Street to CPC for a transfer value of $20.2 million, according to property records made public March 15 and a spokesperson for Gotham.
CPC’s new home on the Lower East Side is housed within Broome Street Development, a mixed-income residential development CPC undertook with Gotham in 2017.
The commercial condo will serve as a community center and CPC’s new headquarters, according to a spokesperson for the nonprofit, which was founded in 1965 and is now the nation’s largest Asian American social services organization.
CPC runs programs serving low-income immigrant communities at 35 sites in Manhattan, Brooklyn and Queens, according to its website. It also manages a portfolio of several housing development fund corporations that offer Section 8 and senior housing in New York City, including at 50 Norfolk Street in Manhattan and in Flushing, Queens.
“We are excited to move into our new community center to continue to serve as an essential resource in Chinatown and the Lower East Side,” the nonprofit’s spokesperson said in a statement.
CPC’s new space will allow it to expand its programming to reach 80,000 people across the city, the spokesperson added.
The Broome Street project comprises two buildings totaling 400,000 square feet between Norfolk and Suffolk streets on the Lower East Side. The $236 million development was completed last year.
CORRECTION: This article has been updated to report that the commercial condo was transferred at a value of $20.2 million as part of a larger transaction and was not sold separately.
Abigail Nehring can be reached at anehring@commercialobserver.com.
