Non-profit finds a new home on Maiden Lane.

Colliers ABR, Inc. announced that Lower East Side Service Center (LESC), a private, not-for-profit social service agency that has provided a wide range of behavioral and medical health services to New Yorkers since 1959, has signed a 10-year lease for 11,400 s/f at 80 Maiden Lane.

LESC was previously located at 157 Chambers Street which was recently sold to an owner that needed to relocate LESC to complete a residential conversion.

David Lebenstein, Senior Managing Director; Arlene Wysong, Senior Managing Director; and Stephen Bellwood, Director, all of Colliers ABR, Inc., represented LESC in the transaction. Mate Wasserman and Stuart Romanoff of Cushman & Wakefield represented the building owner, A.M. Property Holding Corp.

"The challenge was finding new space for LESC with no net increase in costs," said David Lebenstein. "We are happy to have been able to successfully negotiate this transaction, which included a full build out provided by the landlord to meet LESC's needs."

LESC had five years remaining on their old lease at 157 Chambers Street and had the right to remain in the building through the lease term. LESC was able to negotiate a favorable buy-out from their former landlord and put most of these funds into the foundation to support social services programs at other locations.

Mr. Lebenstein and his long-standing partner, Arlene Wysong, specialize in representing not-for-profit groups and have closed hundreds of transactions for these types of organizations.