When Pfizer gave up some of its Manhattan space a few years ago, it left behind large vacancies at several East 40s office towers — among them, the Durst Organization’s 205 E. 42nd St., a 1927 address the company bought in the 1940s.
But the space is gradually being re-tenanted. In the latest transaction, nonprofit Fedcap has taken 64,000 square feet in an unusual 30-year condo commitment.
“It allows Fedcap to take advantage of 501 (3)(c),” the IRS provision that exempts nonprofits from real estate taxes, said Durst spokesman Jordan Barowitz. “It basically puts them in condo ownership for 30 years...”
Fedcap was repped by Savills Studley’s Ira Schuman, David Carlos and Kurt Handschumacher, while Durst was repped in-house by Bow and Brandl Frey.Nonprofit heads for former Pfizer space
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