NEW YORK CITY-Two Manhattan non-profits have inked long-term leases for space in deals facilitated by Cassidy Turley’s Not-for-Profit practice group. Credit Where Credit is Due, which provides financial education and credit union services to low-income New Yorkers, will move to 7,500 square feet in a new building at 530 W. 166^th St. Meanwhile, the Urban Homesteading Assistance Board will stay put at 120 Wall St., where the group renewed its lease early, expanding into 12,600 square feet of space.

“They create affordable co-ops,” says David Lebenstein, senior managing director and leader of the Not-for-Profit Group of UHAB's operations. “They try to set it up in a way where the tenants buy their units rather than rent them.” The pair counseled UHAB to renew early to take advantage of the market, before prices rose too far.

Lebenstein represented the tenants along with Robair Reichenstein, managing director of the practice group. The duo tells GlobeSt.com that non-profit leases tend to entail unique challenges, such as clearing multiple hurdles on the way to the approval process on both the landlord and tenant side.