80 West End Avenue

80 West End Avenue

80 West End Avenue is situated on West End Avenue between Thelonious Sphere Monk (aka West 63rd Street) and West 64th Street. 80 West End Avenue was designed as a trucking garage around 1912 by architect Lansing C. Holden for a developer named Archibald D. Russell. This project was completed around 1913.  80 West End Avenue was later used in the 1940’s as a factory to build Sherman tanks. In the mid 1980’s the building was to be split into two condominiums with retail on the lower levels and residential units above. This project tanked (no pun intended) due to the state of the real estate market at that time.

80 West End Avenue was purchased on August 2, 2013 by Kushner Companies and Extell Development for $84,000,000.

Currently, 80 West End Avenue is leased by the Metropolitan Opera Call Center & a cable provider RCN on the second and third floors. Both leases expire by early 2015.  A new tenant, the United Cerebral Palsy of New York City (UCP) just inked a deal to lease about 125,000 square feet of office space and will occupy the first, fourth, sixth, and seventh floors along with the rooftop space of the building.  The rooftop space will be used as a playground. UCP plans to sublease the second and third floors to other not-for-profit organizations once RCN and the Metropolitan Opera Call Center vacate.  UCP’s lease is said to be worth about $8,500,000 for the first year. The lease is for 30 years at triple net meaning that UCP is also responsible to pay property taxes. However, given that the lease will last at least for 30 years and the UCP is a charitable organization and use the space for charitable purposes, UCP qualifies to be exempt from NYC taxes.

UCP will use its tax exemption to its advantage and plan a $20Million gut renovation of their new space. Architect firm HOK was tapped for plans.

For more information check out the article from NYT here: http://www.nytimes.com/2013/12/04/realestate/commercial/nonprofits-with-sought-after-buildings-take-advantage-of-a-hot-market.html and from NYP here: http://nypost.com/2013/08/02/rumblings-on-west-end-ave/

For more information on the United Cerebral Palsy of New York City and the great things they do check out their website here: http://www.ucpnyc.org/site/c.buIWJcNSKnL6G/b.6535285/k.EFBC/Creating_Opportunities_for_People_with_Disabilities.htm

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About alexisak

Born and raised in Queens New York, Alex Isak, a Director of Sales for Goldenwood Property Advisors, is a helpful man who breathes Commercial Real Estate. Alex Isak has brokered numerous transactions within the five boroughs and specializes in multifamily and mixed use property on the Upper West Side of Manhattan. In his spare time, Alex Isak helps raise funds for various charities and coaches a junior varsity basketball team in Forest Hills, New York. To date, Alex Isak helped raise over $1,000,000.00 most of which went towards early childhood education.
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