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October 2005—Volume 4, Issue 9
Two nonprofits received financing assistance for new projects from the New York City Industrial Development Agency (IDA) in September. IDA authorized the sale of about $19 million in bonds on behalf of Tides Two Rivers Fund, as well as a mortgage recording tax waiver of $531,000. Tides Two Rivers Fund, a San Francisco-based non-for-profit organization that develops infrastructure projects for other not-for-profits, will buy an office condominium at 15 Broad Street in Lower Manhattan to create space for a multi-tenant nonprofit center known as the Thoreau East Project. The project cost is expected to be about $23 million. Thoreau East will use the 40,000 square-feet of space to create workspace for community organizations and build a cultural center for the area.
“This project is the latest example of the diversification of the Lower Manhattan economy and the changes taking place Downtown,” said Steven Berzin, IDA Executive Director. “Lower Manhattan is increasingly becoming home to companies from outside the financial services sector, thereby broadening our economic base. With the forward-thinking help of the Tides Two Rivers Fund, the Thoreau East Project exemplifies the kinds of initiatives that will preserve and expand not-for-profit occupancy in the financial district.”
In a separate transaction, Sponsors for Education Opportunity (SEO), a not-for-profit organization that helps underprivileged children with academic and career services, plans to buy and renovate about 15,000 square feet, also in 15 Broad Street. IDA authorized the sale of about $6.3 million in bonds on behalf of SEO, as well as a mortgage recording tax waiver of about $234,000. The organization plans to consolidate its three existing Manhattan office locations to reduce costs and facilitate service coordination. The $10.6 million project will allow SEO to stay in Manhattan and bring its 46 employees Downtown.
