Transwestern Advises Nonprofit in 9,500 SF Sale to American Guild of Music Artists
October 22, 2020
New York City – Transwestern Real Estate Services (TRS) announces it represented Sheltering Arms Children and Family Services in the $7.5 million sale of a condominium at 305 Seventh Ave. in Midtown Manhattan to the American Guild of Music Artists (AGMA). The 9,476-square-foot condominium comprises the entire second floor of the building, which formerly served as Sheltering Arms' Manhattan foster care program headquarters.
Transwestern Partners Stephen Powers and Lindsay Ornstein, Vice President Thomas Hines and Senior Associate Jake Cinti provided investment sales and consulting services to Sheltering Arms. Kenneth Kronstadt and Rick Kramer of Newmark Knight Frank represented AGMA.
A social services agency that serves at-risk children, youth and families across New York City, Sheltering Arms' mission is to address the effects of social inequity by increasing opportunities for the city's most underserved communities. AGMA is a labor union representing artists from numerous disciplines that create America's operatic, dance, and choral heritage.
"Sheltering Arms provides education, youth development and well-being services that deliver hope to many families and individuals, which is particularly critical in times like these," said Elizabeth McCarthy, CEO of Sheltering Arms. "We made a decision to sell this floor to bolster our endowment and relocate programs closer to the heart of the communities we serve."
Transwestern's Nonprofit Advisory Services group is working closely with Sheltering Arms to manage its real estate portfolio and has closed four lease and sales transactions for the nonprofit during 2020. In February, the firm brokered a 25,000-square-foot lease for Sheltering Arms' new headquarters at 25 Broadway in Lower Manhattan, followed in March by a 13,000-square-foot lease at Harlem Center at 105 W. 125th St., where the social services agency hosts a range of foster care and youth programs.
As part of the disposition of Sheltering Arms' three-floor condominium at 305 Seventh Ave., Transwestern brokered the sale of the third floor to the Consortium for Workers Education. The February transaction encompassed 9,476 square feet for $7.5 million. Transwestern is renovating and marketing the remaining floor, which features an open plan space, high ceilings and abundant natural light. Located at the corner of Seventh Avenue and West 27th Street in the Chelsea neighborhood, 305 Seventh Ave. offers numerous nearby restaurants, galleries and stores. The building provides convenient access to multiple public transportation options, including the local 1 train a block away, rail links on the LIRR and Amtrak, and multiple subways lines at nearby Penn Station and Herald Square.
"A primary goal of Transwestern's Nonprofit Advisory Services group is to enable our clients to leverage their real estate holdings to sustainably support their mission, programs, and organizational goals," said Powers, who leads Transwestern's national Nonprofit Advisory Services group. "We are very pleased to have closed this sale at the same price as the previous transaction, which was completed before the pandemic. These much-needed funds will allow Sheltering Arms to fund new initiatives that will assist children and families across the city."
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.
About Sheltering Arms
At Sheltering Arms, our goal is to foster a society where every child and family we serve will have the opportunity to succeed and thrive. We address the effects of social inequity in the most challenged communities in New York City. Our innovative programs and compassionate services measurably enhance the education, well-being, and development of children, their families, and communities. We have maintained an unwavering commitment to our mission for nearly 200 years. Today, Sheltering Arms touches the lives of thousands of New Yorkers each year. For more information, please visit the Sheltering Arms website (https://shelteringarmsny.org) or follow on Facebook, Instagram (@shelteringarmsny), and Twitter (@_shelteringarms).