The Community Preservation Corporation Leases 29,400 SF in Midtown East
The non-profit agreed to a 30-year term at 220 E. 42nd St.
NEW YORK CITY—The Community Preservation Corporation has signed a 30-year lease for 29,400 square feet at 220 E. 42nd St., also known as the News Building, with landlord SL Green, who owns the building.
The non-profit affordable housing and community revitalization finance company will move from their current location at 28 E. 28th St., into the entire 16th floor of the Midtown East E. 42nd Street building that’s between Second and Third avenues, in the spring of 2019.
Cushman & Wakefield provided sole broker representation. David Lebenstein, Daniel Organ and Michael Burgio represented the tenant, and Tara Stacom and Barry Zeller represented SL Green.
Rafael E. Cestero, president and CEO of the Community Preservation Corporation, states his organization has expanded investments in housing in New York and throughout the Northeast. “As we’ve added staff and evolved our business infrastructure, it was our goal to find a new office space that could adapt as we continue to grow, and that also supports our collaborative nature and the way we work together,” he says.
Cestero adds the space in the historic building both provides a flexible, modern environment and reflects the non-profit’s identity. Designated a National Historic Landmark in 1989, 220 E. 42nd St. is a 37-story, 1,169,582 rentable square foot Art Deco skyscraper that was originally constructed in 1930.
Other building tenants include Omnicom Group, WPIX and the United Nations Development Program.