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Non-profits get lesson on benefits of purchasing.

One of the hottest subjects in New York real estate - how not-for-profits can benefit from purchasing rather than renting office space - drew a standingroom-only audience to a recent seminar designed to provide answers to all of the key questions surrounding this emerging trend.

The seminar, entitled, "How to Drastically Reduce Rental Rates and Occupancy Costs," took place at the Art Director's Club at 250 Park Avenue South in Manhattan. The event was sponsored by S L Green Real Estate, Inc, which is currently converting its 12-story office building at 49 East 21st Street into a not-for-profit condominium.

In attendance were not only representatives from not-forprofit organizations, but real estate brokers, investment and commercial bankers, and representatives from The New York City Economic Development Corporation.

"We were very pleased with the turnout," asserted Steven H. Klein, vice president at S L Green and the seminar's coordinator. "Obviously, there's a lot of this subject and we felt it was important to create an educational forum to explain all of the issues involved as well as the advantages to not-for-profits of purchasing office space in the current market."

The issues were addressed in detail by three distinguished panelists: Charles D. Terry, director and vice president for finance and development of the International Center for Integrative Studies (ICIS); James F. Capalino, a principal in the governmental affairs consulting firm of Capalino, Locicero, Marino & Tan, Inc.; and John H. Alschuler Jr., vice president of Hamilton, Rabinowits & Alschuler, Inc., specialists in policy management and tax consulting. Stephen L. Green, Chairman of S.L. Green Real Estate Inc., moderated.

Topics discussed included: The keys to successfully purchasing office space; below-market financing options available to not-for-profits; the availability of real estate tax abatements; and a not-for-profit guide through the acquisition, finance and construction processes.

According to Klein, 49 East 21st Street, is attracting a lot of interest from mid- and larger-sized space users. The building has been fully renovated but retains many of its original classic details, including an impressive artdeco lobby.
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Title Annotation:seminar presented by S.L. Green Real Estate Inc. addresses real estate purchasing advantages for non-profit corporations
Publication:Real Estate Weekly
Date:Mar 11, 1992
Previous Article:125 years of residential real estate.
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