What to do with the equity in MNN’s existing, outdated property, located on West 59^th Street, was a core challenge at the center of all financing discussions…Renovate? Develop and sublease?Joint venture with a developer? The pandemic brought this challenge into perspective. Our client questioned whether their headquarters located on West59th Street—a 90-year-old building—could ever be reconfigured for today’s new media technology.

All decisions about real estate needed to be understood in the context of mission, specifically, MNN’s commitment to community through empowering local voices and diverse views. A new commercial condominium residential tower in the Hudson Yards neighborhood ultimately presented MNN with the right solution, at the right time—made possible with the right development and financing team in place.

1. ThinkForward played a pivotal role in communicating to MNN’s board the case for selling their existing headquarters to purchase and build-out two floors (23,651 SF) in a commercial condo tower.
2. We effectively used detailed financial modeling and historical data to secure buy-in for a modern facility capable of supportingMNN’s new revenue sources, made possible with investments in technology.
3. We established MNN’s substantial commitment to lenders with 50% borrower equity, as well as demonstrated a long track record of fiscal responsibility and solid cash flow.

The acquisition cost for MNN’s new facility is like the market value of their existing property; our client effectively swapped an older building with poor infrastructure for a larger, modernized new headquarters capable of supporting the organization’s new initiatives. MNN’s“move-to-quality” to accommodate new revenue drivers, such as professional level production studios, editing rooms, and media classrooms equipped for online education, was a pervasive investment strategy.

ThinkForward first worked with MNN in 2007, securing the bond financing that funded the award-winning preservation and adaptive reuse of the El Barrio Firehouse “Community Media Center” in East Harlem. With a multi-disciplinary team of real estate experts, plus legal and tax consultants, we also advised MNN on how to leverage the equity in their West59th Street Studios for enhanced income. 

Founded in 1992, Manhattan Neighborhood Network (MNN)is an independent (privately funded, privately operated) nonprofit media learning, production, and distribution hub. In addition to operating state-of-the-art studios and educational facilities, MNN runs Manhattan’s public access channels, which reach half a million subscribers in the borough.