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Deals & Dealmakers

Services for the UnderServed non-profit sells office condo, leases new headquarters

Adams & Co. has completed a 31,607 s/f lease at 463 Seventh Avenue for Services for the UnderServed.

The non-profit organization will use the entire 17th floor and a portion of the 18th floor as its headquarters.

David Levy, principal, represented the landlord, The Arsenal Company LLC. David Lebenstein and Debra Wollens of Cushman & Wakefield represented the tenant. Although the full details of the 15-year and 11-month lease were not disclosed, asking rent was $54 psf.

“463 Seventh Avenue stands out among other options in Midtown South for its thoughtfully designed lobby and façade renovation, which blends modern and traditional architecture,” said Levy.

“The state-of-the-art security system, high-efficiency elevators and advanced data connectivity also provided the high-end capabilities that Services for the UnderServed was seeking, while the open floor plan on the 17th and 18th floors offered the square footage the tenant required.”

David Lebenstein, executive managing director at Cushman & Wakefield and co-head of the firm’s national Not-for-Profit Practice Group said, “Services for the UnderServed is relocating to a modern and more collaborative space, on contiguous floors, which will allow the organization to run its business in a more efficient manner.”

463 Seventh Avenue view
463 Seventh Avenue view

463 Seventh Avenue is a 22-story building, located between West 35th and West 36th Streets, which features 24/7 access and security and newly renovated elevators and windows.

A multi-million dollar renovation project was also recently completed on the building’s entryway and lobby to incorporate a stone and glass portal, restore the original pink marble floors and add travertine walls.

Office tenants include Gallery, The Doneger Group and Bernardo Fashions. Retail tenants include Federal Express, Woody’s Racquet and Tennis and Andrew’s Coffee Shop.

Founded in 1978, Services for the UnderServed is a non-profit company that creates solutions to help people with disabilities, people in poverty and people facing homelessness around New York City. The 2,000-person staff provides $185 million in services every year and helps with housing, employment, skill-building, treatment and rehabilitation.
Earlier this month it sold its office condo at 305 eventh Avenue for $14.3 million in a deal also orchestrated by Cushman’s Lebenstein along with Carri Lyon and Debra Wollens
New York New Jersey Regional Joint Board Holding Co. bought the seventh floor for $7.1 million. Medical practice, Maella LLC, bought the 10th floor for $7.2 million, David Noonan of Newmark Grubb Knight Frank represented New York New Jersey Regional Joint Board.

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