NEW YORK—The Bowery Mission Society has acquired 315 East 115th Street, a six-story community facility, for $5.3 million. David Lebenstein, senior managing director, principal, Robair Reichenstein, managing director, principal, and Debra Wollens, VP of Cassidy Turley’s not-for-profit practice represented the owner, Palladia Inc., in the negotiation, while Cornerstone Advisory Services represented The Bowery Mission Society.
Totaling 21,390 sq. ft. of space, 315 East 115th Street is a 50-ft.-wide elevatored property.
“This transaction was unique due to the potential buyer needing to be not only a non-profit entity, but also able to comply with deed restrictions limiting the use to social services and housing-related programs,” said Lebenstein.