Nonprofits Certainly Profit from Property Sales
[Knowledge Plex] 6/29/06
Nonprofit organizations are among the largest owners of real estate in New York. Many such organizations are now seizing the opportunity to gain significant profits by selling property and air rights.
The nation's oldest Jewish congregation, Congregation Shearith Israel Synagogue, at 18 W. 70th St. and Central Park West, is planning to develop a nine-story mixed-use building. The first four floors of the building at 10 W.70th St.would serve as classrooms and meeting space for the synagogue, and the top floors would be developed as residential full-floor condominium apartments.
Nonprofit organizations are among the largest owners of real estate in New York. Many such organizations are now seizing the opportunity to gain significant profits by selling property and air rights.
The nation's oldest Jewish congregation, Congregation Shearith Israel Synagogue, at 18 W. 70th St. and Central Park West, is planning to develop a nine-story mixed-use building. The first four floors of the building at 10 W.70th St.would serve as classrooms and meeting space for the synagogue, and the top floors would be developed as residential full-floor condominium apartments.
posted by rjgny2004 at 2:49 PM
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