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Non-profit buys space at 305 Seventh Avenue.

The Association for the Advancement of Behavior Therapy (MBT), has purchased a portion of the 16th floor, with 5,800 square feet of space, at 305 Seventh Avenue, a 20-story building that was converted to condominium ownership in January.

Approximately 60,000 square feet of space out of the 78,000 square feet available in the 165,000-square-foot building has already been purchased by non-profit organizations.

The sponsor of the building -- known as the Non-Profit Center of New York -- is 301-5 Seventh Avenue Associates, a New York general partnership comprised of principals in Newmark & Company Real Estate, Inc. and Four Star Holding Company.

In the MBT transaction Barbara Yagoda, vice-president, and Brian Waterman, director of leasing at Newmark & Company, represented the sponsor. Alan Helman of Helmsley-Spear, Inc., represented MBT. MBT, founded in 1966, is relocating to 305 Seventh Avenue from 15 West 36th Street. Through its publications, continuing education events and various professional and academic endeavors, MBT brings together the researcher and the clinician. Its mission is to facilitate the distribution of information on behavioral therapies.

Jeffrey Gural, president of Newmark & Company, said 305 Seventh Avenue was one of the first buildings with a plan approved by the Attorney General that was designed specifically to attract non-profit organizations, and the only one offering 100 percent non-recourse financing directly from the sponsor.

Non-recourse financing precludes the need for a purchaser to go through the complicated and often expensive procedures to obtain various government approvals required to obtain financing in similarly proposed not-for-profit buildings.
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Title Annotation:Association for the Advancement of Behavior Therapy purchases commercial space in New York, New York office condominium designed to attract non-profits
Publication:Real Estate Weekly
Date:Jul 14, 1993
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