NYC Nonprofit Secures New Midtown HQ Lease
Selfhelp Community Services, a locally based nonprofit that provides housing and supportive services for disadvantaged senior citizens, has closed on a lease for a new headquarters at 1180 Avenue of the Americas, a Class A mid-rise office building in Midtown Manhattan’s Plaza District.
The nonprofit will lease 45,689 square feet on the entirety of the building’s second and third floors via a 30-year leasehold condominium transaction. The terms of the lease also allow the organization to qualify for the city’s 420-a tax exemption.
On the brokerage end, Transwestern Senior Vice President Thomas Hines and OPEN Impact Real Estate Co-Founders Stephen Powers and Lindsay Ornstein, alongside Vice President Alex Smith represented Selfhelp. Laura Sugarman, a partner at law firm Benesch, served as the new tenant’s legal counsel.
Cushman & Wakefield Executive Directors Bryan Boisi, Michael Baraldi and Harry Blair acted on behalf of the landlord, Northwood Investors LLC.
Selfhelp’s improvements
Previously, Selfhelp’s base of operations was located on the fifth and 18th floors of 520 8th Ave., near Hell’s Kitchen. Selfhelp will curate the new space in a partnership with the building’s owner, alongside Method Design, which will provide design services. The nonprofit’s new abode will be configured to support both an expanded workforce and hybrid work schedules.
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Out of its old main office, Selfhelp provided offices for NYC Adult Protective Services, the NYC Licensed Home Care Services Agency and the Community Guardian Program. Additionally, the space hosted offices from the organization’s Holocaust Survivor services program, virtual senior center and case management services, alongside a health aide training program and an intergenerational theater program for Holocaust survivors.
Other services provided by the organization include affordable and senior housing development, protective services, home health care, social programs, financial management, Holocaust education and care for Alzheimer’s’ patients. In total, the organization serves more than 25,000 seniors.
According to CommercialEdge information, 1180 Avenue of the Americas was built in 1963, and underwent a cosmetic renovation in 1997. The 23-story, 399,000-square-foot building has floorplates ranging from 10,000 to 20,000 square feet, with 20,600 square feet of retail space on its ground floor. Selfhelp’s new neighbors include capital markets and law firms, as well as communications companies.
Amenities around Selfhelp’s new digs include a landscaped terrace on its top floor, a lounge, as well as private event and conference spaces. In its immediate vicinity, the building gives way to many of Midtown’s retail, dining and entertainment offerings, with Times Square located a quarter mile to the west, while Bryant Park lies roughly equidistant to the south.
Midtown’s leasing momentum
CommercialEdge’s latest office market report revealed that as of January, Manhattan’s vacancy rate of 16.5 percent was 150 basis points below the national average, while its asking average rent of $68.27 per square foot remained the highest in the nation.
Midtown in particular continues to attract many big-name tenants. Just last week, China Merchants Bank inked a 15-year extension for 43,060 square feet of space at 535 Madison Ave. One week prior, Burlington Stores Inc. expanded its lease at 1400 Broadway by 67,865 square feet, occupying a total of 170,763 square feet across five floors.
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