In NYC, Nonprofit Building Becomes Less So with Funding Exchange Demise

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February 7, 2013; Source: Commercial Observer

The Funding Exchange, a national body providing support to progressive funders around the country, announced in December that it was closing its doors. Now, the Commercial Observer reports that it has listed its office condo in a building meant to house nonprofits for sale for almost $6.5 million. The 8,621-square-foot condo on the fifth floor of 666 Broadway in lower Manhattan cost $850,000 when the Funding Exchange bought it in 1986 but the area and real estate prices have changed, perhaps pricing the building’s original purpose out of the market.

Two other nonprofit condo owners, the Community Access Group and the Urban Justice Center, moved out recently and were replaced by a real estate firm, the Wings Group, and a high-end fashion showroom.

The Center for Constitutional Rights, the Harper’s Magazine Foundation, and the Trust for Public Land remain, but for how long? –Ruth McCambridge