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Centuries-old nonprofit inks major new lease in Queens

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Sheltering Arms’ present Jamaica location is only a few blocks away at 89-74 162nd St., and its new location shall be virtually 50% bigger. The nonprofit plans to maneuver in the course of the third quarter of 2021 and can occupy the second, third and a part of the fourth flooring on the six-story, 69,000-square-foot constructing.

It plans to present applications for homeless kids and psychological well being help, amongst different providers, at its Jamaica location.

Representatives for the Chehebar household, which owns the constructing, couldn’t be reached for remark.

A Transwestern Actual Property Providers workforce of Stephen Powers, Lindsay Ornstein, Thomas Hines, Jake Cinti and Alexander Smith represented Sheltering Arms within the deal. Powers described the nonprofit’s lease as “a brand new, bigger consolidated providers hub” that can enable the corporate to proceed rising.

Sheltering Arms reached a deal at first of the 12 months to promote three of its workplace flooring at 305 Seventh Ave. for about $21 million and transfer its administrative headquarters to 25 Broadway in Decrease Manhattan.

Manhattan’s workplace market has had a particularly tough 12 months general as a number of corporations proceed to have their staff work at home amid the pandemic. The borough’s availability fee in November was 13.5%, the very best quantity of accessible workplace area it has had since 2003, and common asking rents have dropped greater than 3% to hit their lowest ranges since June 2018, based on a report from Colliers Worldwide.

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