New chapter at Library building: Eastern Consolidated.
The Center for Fiction--which has owned and operated out of the historic library since 1933--sold the eight-story building to Sun Acre's LLC.
The property sale is the latest in a recent trend of nonprofit organizations monetizing its assets to take advantage of the frothy sales market.
Steven Zimmerman, Marion Jones and David Schechtman exclusively represented the seller and procured the buyer.
Designed by architect Henry Otis Chapman, the white marble structure at 17 East 47th Street is a mid-block property with frontage along the north side of East 47th Street between Fifth and Madison Avenues.
The Center for Fiction signed a short-term leaseback arrangement with the new owner to remain in the space as the nonprofit looks to purchase a new headquarters space.
"After spending 81 years in Midtown, The Center is relocating in order to better suit their programming needs and to accommodate their growing member base," Zimmerman said.
"Their architecturally acclaimed building was in high demand, and we were able to achieve a sales price that reflects $1,000 per square foot."
Jones added, "Today's stratospheric market provides institutional owners with the perfect timing to dispose of assets that no longer optimally meet their needs. The Center for Fiction is a prime example of a prestigious, long-standing non-profit making an intelligent real estate play in a hot market."
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|Title Annotation:||SELLING POINTS|
|Comment:||New chapter at Library building: Eastern Consolidated.(SELLING POINTS)|
|Publication:||Real Estate Weekly|
|Date:||Feb 19, 2014|
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