Nonprofits With Sought-After Buildings Take Advantage of a Hot Market

(The New York TimesAfter 40 years, United Cerebral Palsy of New York City plans to move from its headquarters in the Gramercy Park neighborhood of Manhattan.

It is selling the building to Toll Brothers, a development company, for $135 million, more than twice what it was offered for the four-story property back in 2007, the organization said. Like a few other nonprofits, it decided to take advantage of a lucrative real estate market for some Manhattan sites.

United Cerebral Palsy of New York City’s headquarters at 122 East 23rd Street sold for $135 million. Marilynn K. Yee/The New York Times

Source: http://www.nytimes.com/2013/12/04/realesta...