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Non-profit lease to connect two spaces in two buildings.

In a deal that culminated in the construction of an external staircase to connect two spaces in two buildings the new executive headquarters of Project Return, a Not-For-Profit human services agency, which offers programs in Manhattan and the Bronx, will be located at 10 Astor Place and 740 Broadway.

After three years of searching -- the last year with the help of a recently formed brokerage team specializing in Not-For-Profits, headed by Arlene Wysong of Sylvan Lawrence and David Lebenstein of Time Equities, who have about a dozen other Not-ForProfit deals pending -- Project Return found space that met their location and budgetary requirements at 10 Astor Place.

That building has 15,500 square-foot floors, and Project Return needed 18,500. For the other 3,000 square feet, the building owners, Jeffrey and Aaron Gural, were going to move some tenants within the building to create the space on a contiguous floor.

But that fell through. And there's where the Gurals and Jay Caseley of Newmark and Company (the leasing agent in the building), Wysong and Lebenstein, and the staff of Project Return, put their heads together and made this deal happen.

The Gurals also own 740 Broadway which adjoins 10 Astor Place -- and from that building they were able to carve out 3,000 square feet on the sixth floor. The 15,500-square-foot space at 10 Astor Place is on the seventh. To make these two spaces, in two separate buildings, on two differ- ent floors, contiguous, the parties involved agreed that constructing an external staircase was the answer. Now under construction, this staircase will connect the 6th floor of 10 Astor Place with the 7th floor of 740 Broadway the new home of the executive and administrative offices of Project Return.

The 15-year lease has an aggregate value in excess of $4.5 million.
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Title Annotation:Project Return leases office space at 10 Astor Place and 740 Broadway, New York, New York
Publication:Real Estate Weekly
Date:Jun 30, 1993
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