SELLING POINTS: Massey Knakal, HAP Investments, Madison Realty Capital
April 16, 2014

The Federation of Protestant Welfare Agencies (FPWA), located at 281 Park Avenue South, has placed its historic headquarters up for sale with a $50 million price tag.“Selling the building provides a tremendous opportunity to reinvest in the organization in ways that will enhance our ability to tackle social issues that affect the poor and working poor, and to support our member agencies,” said CEO/executive director Jennifer Jones Austin.

FPWA purchased the six-story building in 1963 from the National Council of the Protestant Episcopal Church after the council moved uptown. It was the first permanent headquarters of FPWA and was designated a NYC landmark in 1979.

FPWA has retained John Ciraulo and Robert Shapiro of Massey Knakal and Howard Poretsky and Patrick Gardner of Studley to marekt the six-story building.The brokers believe the steel-framed, with its lofts and high ceilings will catch the eye of tech and media companies.

“This property presents an ideal opportunity for a tech or media company’s flagship headquarters, an investor looking to capitalize on soaring office rents in a submarket with the nation’s lowest vacancy rate or for a developer looking to capitalize in the neighborhood’s booming residential condo market,” said Massey Knakal vice chairman, John F. Ciraulo.

Studley senior managing director Howard Poretsky added, “The building’s awe inspiring qualities stand out on Park Avenue South, which has already become a world class location for residential, corporate, retail, education, and hospitality tenants.”

SELLING POINTS: Massey Knakal, HAP Investments, Madison Realty Capital

Related Stories

Lower Manhattan Values Are Vanishing
Manhattan Studley Report Q1 2014: Leasing Like It's 1999?