Cashing In: Nonprofits Making Big Bucks On Real Estate Deals

During hard economic times, nonprofits can be put in a bit of a bind. Many in New York City are thinking outside of the box, though, and have found that their real estate that they own can bring in quite a large sum. In many cases it is enough to move, renovate in an other part of town, and still make enough off the sale to pay bills. Churches, landmarks, and other non-profits with real estate in prime locations have been following this trend, hoping to ease their financial state. United Cerebral Palsy of New York was one of these groups, selling their East 23rd Street HQ to Toll Brothers for an incredible $135M that the group's chief executive stated they could never have even hoped for.

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POSTED December 05 2013 11:35 AM

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