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Sales to begin at 49 E. 21st,, commercial condo for non-profits.

Not-for-profit organizations can now purchase office units at 49 East 21st Street in Manhattan. A black book has been issued to commence sales at the 12-story commercial building that is being converted into condominium ownership by S.L. Green Real Estate.

In an effort to provide as much assistance as possible, a detailed analysis of the annual savings achieved through owning versus renting office space has been specifically prepared for nonprofit users by S.L. Green and its team of experts. The company will also guide not-for-profits through the intricacies of obtaining low-interest financing and real estate tax abatements.

Indicative of their growing interest in this alternative strategy, nearly 100 organizations recently attended a seminar sponsored

Green which discussed all of the advantages that not-for-profits can derive from buying rather than leasing office space.

"One floor at ten building is now available," says Steven H. Klein, vice president of S.L. Green, "and five will be available in January, 1993." Three of these floors are currently under negotiation. The building also offers up to 21,000 square feet of contiguous space.

Featuring many of its original classic details, including an art-deco lobby, 49 East 21st Street has been completely renovated with a new infrastructure, attractive new elevator cabs and tenant-controlled air-conditioning units on each floor. An unusually large amount of window space provides each 7,000-square-foot floor with abundant natural light.
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Title Annotation:New York, New York
Publication:Real Estate Weekly
Date:May 27, 1992
Previous Article:NAIFA sues regulators to reverse appraisal rules.
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