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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.