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The independent nonprofit group Manhattan Neighborhood Network (MNN) has demonstrated time and time again its commitment to investing in people, technology, and real estate to achieve their inclusion and equity goals. MNN is a case study in perseverance.
ThinkForward secured $16.5M in financing for MNN's expansion project, which involved relocating their headquarters to a premier commercial condo building (“Henry Hall”) in Hudson Yards.
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 team in place. Specifically, real estate needed to be understood in the context of the organization’s community building mission. MNN partners with more than 100 Manhattan community-based organizations to empower local voices and diverse views.
For many years, MNN’s CEO Dan Coughlin had prepared and planned to evolve the nonprofit’s programming to keep pace with market disruptors, like reductions in cable TV subscriptions and increased streaming. Consequently, MNN’s move to Hudson Yards was about accommodating new revenue drivers, such as professional level production studios, editing rooms, and media classrooms equipped for online education.
ThinkForward played a pivotal role in helping Mr. Coughlin communicate to MNN’s board the case for selling their existing headquarters on West 59th Street to purchase and build-out two floors (23,651 SF) in a commercial condo tower in Hudson Yards. The renovation and fit-out, which involved extensive technology investments, cost MNN $14M, for a total project cost of $32M.
Potential lenders also had to be sold on the value argument for investing in a new West Side Headquarters, re-envisioned as the “Center for Media Education.” We were patient, yet consistent, building a sound case through a comprehensive success narrative. We effectively used detailed financial modeling and historical data to secure buy-in for a modern facility capable of supporting MNN’s new revenue sources.
An organization that was once primarily perceived as a local, public access TV provider is now the nation’s largest community media center.
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. During the Pandemic, we advised MNN on how to leverage the equity in their West 59th Street Studios for enhanced income, partnering with a multi-disciplinary team of real estate experts, plus legal and tax consultants.
Founded in 1992, Manhattan Neighborhood Network (MNN) is an independent 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.
The independent nonprofit group Manhattan Neighborhood Network (MNN) has demonstrated time and time again its commitment to investing in people, technology, and real estate to achieve their inclusion and equity goals. MNN is a case study in perseverance.
ThinkForward secured $16.5M in financing for MNN's expansion project, which involved relocating their headquarters to a premier commercial condo building (“Henry Hall”) in Hudson Yards.
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 team in place. Specifically, real estate needed to be understood in the context of the organization’s community building mission. MNN partners with more than 100 Manhattan community-based organizations to empower local voices and diverse views.
For many years, MNN’s CEO Dan Coughlin had prepared and planned to evolve the nonprofit’s programming to keep pace with market disruptors, like reductions in cable TV subscriptions and increased streaming. Consequently, MNN’s move to Hudson Yards was about accommodating new revenue drivers, such as professional level production studios, editing rooms, and media classrooms equipped for online education.
ThinkForward played a pivotal role in helping Mr. Coughlin communicate to MNN’s board the case for selling their existing headquarters on West 59th Street to purchase and build-out two floors (23,651 SF) in a commercial condo tower in Hudson Yards. The renovation and fit-out, which involved extensive technology investments, cost MNN $14M, for a total project cost of $32M.
Potential lenders also had to be sold on the value argument for investing in a new West Side Headquarters, re-envisioned as the “Center for Media Education.” We were patient, yet consistent, building a sound case through a comprehensive success narrative. We effectively used detailed financial modeling and historical data to secure buy-in for a modern facility capable of supporting MNN’s new revenue sources.
An organization that was once primarily perceived as a local, public access TV provider is now the nation’s largest community media center.
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. During the Pandemic, we advised MNN on how to leverage the equity in their West 59th Street Studios for enhanced income, partnering with a multi-disciplinary team of real estate experts, plus legal and tax consultants.
Founded in 1992, Manhattan Neighborhood Network (MNN) is an independent 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.
NYC agencies are encouraging investments in IndustrialBusiness Zones (IBZ).This is good news for real estate developers and building owners hoping to attract manufacturing and light industrial tenants through redevelopment of their properties. Financial assistance through the NYCIndustrial Development Agency (NYCIDA) can make a sizeable contribution to most capital stacks.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the life line that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
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