New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Transwestern Handles Chelsea Condo Sale for Nonprofit
Transwestern Real Estate Services represented Sheltering Arms Children and Family Services in the $7.5-million sale of a condominium at 305 Seventh Ave. in Chelsea to the American Guild of Music Artists (AGMA). The 9,476-square-foot condo formerly served as Sheltering Arms’ Manhattan foster care program headquarters.
Transwestern partners Stephen Powers and Lindsay Ornstein, VP Thomas Hines and senior associate Jake Cinti provided investment sales and consulting services to Sheltering Arms. Newmark’s Kenneth Kronstadt and Rick Kramer represented AGMA.
Transwestern’s Nonprofit Advisory Services group is working closely with Sheltering Arms to manage its portfolio and has closed four lease and sales transactions for the nonprofit during 2020.
“We are very pleased to have closed this sale at the same price as the previous transaction, which was completed before the pandemic,” said Powers. “These much-needed funds will allow Sheltering Arms to fund new initiatives that will assist children and families across the city.”
For comments, questions or concerns, please contact Paul Bubny
