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Silverstein building 'going non-profit.' (Larry Silverstein)

Silverstein building |going non-profit'

In a 13-building competition, Larry Silverstein's 120 Wall Street was selected last week as New York City's first "Association Center", a headquarters for national and international non-profit organizations.

Silverstein is offering 400,000 square feet in his recently renovated 615,000-square-foot building or 20 of 34 floors. According to the plan, the building would be divided into condominium units that would be purchased by the Industrial Development Agency. The tax-exempt property would then be leased back to Silverstein who would sublease it to the non-profit tenants for below $20 per square foot. There may be some small payment in lieu of taxes for the organizations.

The Economic Development Corporation initiated the proposal in order to stem the departure trend of national and international non-profit corporations from the city. According to Lance Carlile the agency's vice president for Manhattan Development, in the last decade the city lost a number of large organizations including: the National Association for the Advancement of Colored People to Baltimore, Young Men's Christian Association International to Chicago, American Cancer Society to Atlanta, and recently the American Institute of Certified Public Accountants to Jersey City. Others such as the American Field Service, are contemplating leaving, he said.

"These are all significant non-profits not only in what they do, but in their size and the number of employees," he said.

Carlile said the city also loses because these organizations bring many people into the city each year through their events.

A spokesperson for Silverstein said the company is ready to negotiate on about 225,000 square feet, about half of which is currently empty. The remainder of the space at the 62-year-old building will be available by 1993.

With floor plates of 24,000 square feet, the building is located at the corner of Wall and South Streets and overlooks the East River, South Street Seaport, Brooklyn and Upper New York Bay.
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Publication:Real Estate Weekly
Date:Oct 23, 1991
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