$32M acquisition of the property is a critical step towards ongoing community service
NEW YORK, NY – July 16, 2019 – Today, Denham Wolf Real Estate Services (Denham Wolf) announced the purchase of 287 East 10th Street from the Boys’ Club of New York (BCNY) by its client, an anonymous foundation. Known as the Harriman Clubhouse, the building has housed BCNY’s after-school programming for the neighborhood’s boys and young men since 1901.
Today’s transaction is the first in an anticipated multi-transaction process, collaboratively designed by Denham Wolf and its client to preserve the building for community use. The foundation, which purchased the property for $32 million, intends to ensure the ongoing nonprofit ownership of the property and to carry forward the building’s legacy of community-facing programs.
“In this area, we have seen the financial value of our real estate rise, and too often that comes at the expense of a community resource,” said City Council Member Carlina Rivera, who represents New York City’s District 2. “I am excited that this building and the activities within will remain rooted to the local community.”
The seven-story, 50,000-square-foot building is located on the northwest corner of East 10th Street and Avenue A in Manhattan. The building attracted increased attention in 2018 with BCNY’s listing of the property for sale.
“When a valuable property becomes available, many nonprofits struggle to stack up against other buyers, on the basis of price as well as pace,” said Paul G. Wolf, Co-President of Denham Wolf. “We are proud to provide nonprofits with additional time and flexibility in pursuing this property, and to play a role in upending the rules of New York’s real estate market. We believe the result will prove replicable.”
The resulting multi-transaction process is ongoing and is being managed by Denham Wolf, a real estate services firm that represents and advocates for local nonprofits.
In addition to providing consulting services, Denham Wolf represented the foundation in the purchase of 287 East 10th Street. Cushman & Wakefield represented BCNY, the property’s seller. BCNY currently remains in residence, and the organization is committed to continuing its services for the neighborhood’s boys and young men.
About Denham Wolf Real Estate Services
An essential resource for New York City’s nonprofit community, Denham Wolf Real Estate Services provides expertise in transactions, development, and project management. Through these integrated services, the firm empowers organizations to take a thoughtful, mission-first approach to real estate. Denham Wolf has partnered with hundreds of diverse nonprofit organizations since its founding in 1998, shaping millions of square feet across New York City.