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GlobeSt.com UPDATE: Red Cross Finds New Home

NEW YORK CITY-After searching for new headquarters space for a year, the American Red Cross in Greater New York purchases the 100,000-sf 514 West 49th St. for $33 million.

By Barbara Jarvie | Updated on May 26, 2005

NEW YORK CITY-It took a year, but the American Red Cross of Greater New York has found a new home. After selling its long-time headquarters at 150 Amsterdam Ave. for $72 million last year, the organization embarked on a search for a more tech-savvy base of operations and has acquired the 100,000-sf 514 West 49th St. for $33 million. Renovations will cost approximately $30 million. The Red Cross had been at the Amsterdam address since 1963.

Studley led the search process as well as arranged the transaction on behalf of the Red Cross. Ira Schuman was the broker. The four-story site will be renovated and upgraded including the installation of high-tech communications and information technology systems. A total of 140 employees will move to the site in the fall of 2006. The new headquarters will also accommodate hundreds of volunteers who are part of a 3,600-volunteer force. According to a spokesperson, when the search process began last year, the organization was evaluating all options, including leasing or buying, and was exploring various Manhattan neighborhood, not just the West Side.

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