'Wealthy, anonymous individual' buys Boys' Club building; will remain in use for a nonprofit
As we reported last week, multiple sources told us that the Boys’ Club have sold their Harriman Clubhouse to a “nonprofit arts organization and will be a theater and house various arts-related entities.” In addition, the Boys’ Club would rent part of the space for one more year while searching for a new space in the area.
However, a Boys’ Club rep told us that building has not been sold, and “the process is continuing.”
And one week later: Crain’s reports that the building on Avenue A and 10th Street was sold for $32 million to “a wealthy, anonymous individual.”
Paul Wolf, a real estate broker and adviser who specializes in working with nonprofits and who represented the foundation, said the buyer wanted to remain anonymous. Wolf said the buyer was planning to sell the property, potentially at a substantial loss, to a nonprofit that would maintain its civic use.
“The goal is to keep this as a community facility,” said Wolf, who is co-president of the firm Denham Wolf. “The intent is to sell it to a nonprofit at a lower price than the purchase price.”
“This is a remarkable turn of events,” said state Sen. Brad Hoylman, who last year was one among several elected officials to criticize the club’s decision to sell. “Certainly this is a very valuable property in a highly desirable neighborhood right next to a park. But instead of a private developer that wants to build condos, we’re getting a foundation that wants to invest in the local community.”
Executive Director Stephen Tosh said the Boys’ Club will remain at 287 E. 10th St. for the next year while it searches for new space.
As I first reported in June 2018, Tosh told alumni about the BCNY’s plan to sell its Harriman Clubhouse, which opened in 1901. The BCNY would continue to use the space through June 2019. A listing for the 7-story building arrived on the Cushman & Wakefield website last October with a $32 million asking price.
Previously on EV Grieve:
Local elected officials urge Boys’ Club officials to postpone sale of the Harriman Clubhouse