Transwestern Expands Nonprofit Group

Stephen Powers, senior vice president, Transwestern

NEW YORK CITY—In a move to bolster its presence in the nonprofit sector, Transwestern has hired Stephen Powers as SVP and leader of the firm’s New York nonprofit advisory group. Powers, who has considerable experience in the nonprofit sector, previously served as senior manager for Denham Wolf Real Estate, providing consulting and brokerage services to New York City and national nonprofits. At Transwestern, he will work along with partner Lindsay Ornstein to focus on serving the specialized needs of this tenant segment. “While there has been increasing support for New York’s nonprofits, office rents have far outpaced growth in charitable giving,” says Steve Purpura , Transwestern’s Northeast market leader. “To address this concern, Transwestern is expanding its nonprofit practice to meet the growing demand for quality real estate advisors experienced in the unique challenges faced by nonprofit organizations.” During the last 10 years, Powers has completed nearly one million square feet of nonprofit transactions. The organizations he has advised include The Center for Family Representation, Young Judea Global, Theater Development Fund, The Doe Fund, Children’s Museum of Manhattan, New York City Opera, Harlem Academy, The Church of St. Luke in the Fields, SAG-AFTRA, New York Road Runners and The Public Theater. His more notable deals include the closing of a $50-million transaction for The Atlantic Foundation to sell a Chelsea property at 60% above appraised value, the sale of a 110,000 square-foot community facility site on East 97th Street and the lease-up of the 400,000 square-foot historic BankNote building in the South Bronx.