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Partnership for Homeless buys condominium space.

The Partnership for the Homeless has purchased a home for itself. The advocacy group for the homeless will relocate and expand into a 12,140-square-foot commercial condominium at 305 Seventh Avenue in order to take advantage of tax benefits available for non-profit organizations that own property in New York City.

Helmsley-Spear's Howard J. Tenenbaum, vice president, and Gary M. Rosen represented the Partnership in its search for space.

305 Seventh Avenue specifically targets non-profit organizations. The 20-story, 156,000-square-foot property is located on the corner of West 27th Street and currently has eight such tenants in commercial condominium space. Because these companies are non-profit, New York City charges no real estate tax.

The Partnership for the Homeless will occupy the entire 14th floor and a portion of the 13th floor. In addition, the Partnership was given the option to purchase an additional 4,000 square feet of contiguous space. The Partnership formerly leased smaller offices at 110 West 32nd Street. Specifiic terms of the transaction were not made available.

Dewey Ballantine provided legal representation for the purchaser. The sponsor, 301-5 Seventh Avenue Associates, was represented by Brian Waterman and Barbra Yagoda of Newmark & Company Real Estate Inc. Legal representation for the sponsor was provided by Goldberg, Weprin & Ustin.
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Title Annotation:305 Seventh Avenue, New York, New York
Publication:Real Estate Weekly
Date:Mar 17, 1993
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