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Our client’s school was founded almost a century ago based on the belief that a vibrant community could be nurtured through the arts. Although the school is a center for education and performance for all New Yorkers, a specific neighborhood is home, making its location synonymous with its brand.
The school’s expanding programs and enrollment necessitated acquiring a larger facility but with two caveats: remain in the neighborhood and sell the existing property first. The acquisition of two adjacent commercial condo units (to be combined into one modern school) proved to be a more arduous process than originally anticipated by our client.
The school purchased two nearby condos, totaling 19,200 square feet for $14.1M. The nonprofit succeeded in selling the existing school building creating proceeds for the new acquisition, but financing was needed to cover the shortfall and planned improvements. Cost estimates for the transition and for renovations to meet the school’s ambitious programing varied widely; the initial figure of $5M grew to $6M and finally to $7.5M.
The persistence, patience, and proactive approach demonstrated by our legal and real estate broker/consultant partners made the difference for our client.
We relied on our real estate broker/consultant partner and on our credibility with lenders to manage the sale of the existing school and the purchase of the condos—in conjunction with financing. The optimal structuring of the transaction ensured the placement of a $7.5M loan on favorable terms with a commercial bank.
Our client’s school was founded almost a century ago based on the belief that a vibrant community could be nurtured through the arts. Although the school is a center for education and performance for all New Yorkers, a specific neighborhood is home, making its location synonymous with its brand.
The school’s expanding programs and enrollment necessitated acquiring a larger facility but with two caveats: remain in the neighborhood and sell the existing property first. The acquisition of two adjacent commercial condo units (to be combined into one modern school) proved to be a more arduous process than originally anticipated by our client.
The school purchased two nearby condos, totaling 19,200 square feet for $14.1M. The nonprofit succeeded in selling the existing school building creating proceeds for the new acquisition, but financing was needed to cover the shortfall and planned improvements. Cost estimates for the transition and for renovations to meet the school’s ambitious programing varied widely; the initial figure of $5M grew to $6M and finally to $7.5M.
The persistence, patience, and proactive approach demonstrated by our legal and real estate broker/consultant partners made the difference for our client.
We relied on our real estate broker/consultant partner and on our credibility with lenders to manage the sale of the existing school and the purchase of the condos—in conjunction with financing. The optimal structuring of the transaction ensured the placement of a $7.5M loan on favorable terms with a commercial bank.
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.
The private, nonprofit agency Consortium for Worker Education (CWE) provides a wide array of workforce preparation, industry-specific training, and employment services for 70,000+ NYC workers every year. Union members, new Americans, and dislocated workers number among the populations served by this essential service provider.
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