NEW YORK  (March 11, 2022) – In 2021, a Savills team led by David Carlos, executive managing director and co-head of the firm’s Nonprofit Advisory Practice for New York, completed six transactions for not-for-profit organizations in New York City – five leases totaling 157,000 square feet and one $22 million sale.

Carlos and his team represented five organizations, from different sectors, all with unique missions servicing various constituencies, in the following transactions:

• KIPP Schools: The largest charter school network in the United States completed a $22 million purchase of a 33,640-square-foot development site – with 160,000 buildable square feet – in the Mott Haven section of the Bronx. Simultaneously, Carlos and his team assisted KIPP in identifying a variety of swing space options and finalized a long-term lease at a brand new 72,000-square-foot building, wholly occupied and controlled by KIPP. Other Savills professionals on this transaction included Andrew Dzenis and Ian Zilla.

• All Souls Church: The education institution operated by the church had a 20,000-square-foot lease expiring at 1157 Lexington Avenue. Carlos and his team assisted All Souls Church to maximize the value of its asset by bringing the space to market and creating a competitive leasing process. Ultimately, ownership renewed the school to a long-term deal at terms that exceeded All Souls expectations and minimized its capital investment. Other Savills professionals on this transaction included Dzenis and Zilla.

• Housing Works: Carlos and his team helped the organization, a long-term client that aims to end the dual crises of homelessness and AIDS, find and structure a new, larger location in a prime area along 125th Street for its healthcare clinic in Harlem. The complex leasehold condominium transaction allowed Housing Works to leave its previous home early and be exempt from real estate taxes. The organization will benefit from a brand new clinic without investing its capital. Other Savills professionals on this transaction included Nick Farmakis, John Mambrino and Dzenis.

• The Marcy Lab School: After 18-months of remote learning, the organization, which offers tuition-free technology fellowships as an alternative to the traditional higher education model, signed a long-term, 16,500-square-foot lease for its permanent home in Industry City. Marcy’s graduates earn an average of $106,000 per year, working for companies such as Spotify, Squarespace, JP Morgan, and The New York Times. With a clear understanding of Marcy Lab School’s mission and program, Carlos and his team identified a campus environment that was aspirational and reflective of a true college and tech-workplace experience. Other Savills professionals on this transaction included Michael Bertini.

• Turtle Bay Music School: The school, which strives to spread the transformative power of music through education, purchased a new, 20,000-square-foot office condominium on 38th Street. The transaction was funded by selling the school’s antiquated home at 244 East 52nd Street. The COVID pandemic forced the school to close its doors, however, Carlos arranged a long-term lease with the New York City Department of Education for a new universal pre-kindergarten location. Other Savills professionals on this transaction included Dzenis and Zilla.

“For the nonprofit sector, which includes a wide spectrum of organizations, like hospitals, social services, schools, universities, religious organizations, etc., the pandemic upended operations and, in many cases, threatened their very existence,” said Carlos. “Survival was not guaranteed and required quick, nimble, and drastic changes to their operations and real estate strategies. Each project was unique, but through our creativity and strategic approach, we were able to help our clients address their complex real estate needs.”