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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.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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