Two Non-Profits Ink Long-Term Leases

NEW YORK CITY-Two Manhattan non-profits have inked long-term leases for space in deals facilitated by Cassidy Turley’s Not-for-Profit practice group. Credit Where Credit is Due, which provides financial education and credit union services to low-income New Yorkers, will move to 7,500 square feet in a new building at 530 W. 166^th St. Meanwhile, the Urban Homesteading Assistance Board will stay put at 120 Wall St., where the group renewed its lease early, expanding into 12,600 square feet of space.

“They create affordable co-ops,” says David Lebenstein, senior managing director and leader of the Not-for-Profit Group of UHAB’s operations. “They try to set it up in a way where the tenants buy their units rather than rent them.” The pair counseled UHAB to renew early to take advantage of the market, before prices rose too far.