JBFCS Headquarters

Former Headquarters for JBFCS
120 West 57th Street

The Jewish Board of Family & Children’s Services, Inc. (JBFCS)

The Problem

After operating out of an 80 year old former Single Room Occupancy hotel building on West 57th Street, the Jewish Board needed to either completely renovate their premises or build new facilities. As one of the largest social service organizations in New York and the oldest, JBFCS was not functioning efficiently in their current building. Members of the organization searched unsuccessfully for 10 years in order to comply with their Board’s mandate to relocate to the Upper West Side of Manhattan. Cumulus entered the market in 2005, pitted against major developers chasing every possible site. Prices were at all time highs and climbing.

Site of Future Headquarters
210 W77th Street

The Solution 

Since the facilities requirements were complex and existing inventory lacking, the best solution would be to purchase a site and construct new headquarters.  In order to compete with other purchasers in the market, Cumulus needed to devise a method to induce owners to sell.  After speaking with one owner several times over a 3 year period, a conversation began as a 49 year net lease.  After protracted leasing negotiations with the owner of the property, Cumulus proposed an exchange whereby JBFCS traded their building on 57th Street for a garage on the Upper West Side.   In order to complete the transaction, Cumulus helped the owner acquire a hotel developer to provide him with the 99 year lease his estate required.

The Benefit

By exchanging the 57th Street building for the Upper West Side garage at the peak of the market, Cumulus was able to provide JBFCS with significant peak market “boot” in cash at closing.  In addition, JBFCS was able to lease the garage to a credit tenant at the top of the market enabling JBFCS to hold the garage with a cash flow until it proceeds with its new headquarters building in the future.

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