JBFCS Leases

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

34 West 139th Street
Ground floor and playground space
for JBFCS’ nursery school

The Problem

Shortly after purchasing the garage, JBFCS concluded that it was not ready to construct a new headquarters.  Because there were economic disincentives for remaining in it’s current HQ, JBFCS retained Cumulus to find and negotiate for rental space in Manhattan.

135 West 50th Street
Site of the new JBFCS Headquarters

The Solution

This resulted in 2 below market leases – one in West Harlem for a nursery school and one in the Plaza District for the balance of the operations which included administration, community based program offices and a mental health clinic.  The two deals that were made on behalf of JBFCS were economically sound.  Due to the now depressed state of the real estate market, Cumulus was able to conclude a Plaza District transaction at an average rent in the high $30’s with a substantial package of work and free rent, including a high end installation and expanded use privileges.

The Benefit

This space in Midtown was a sublease from a major financial organization.  Due to the nature of JBFCS’ business, it was necessary for the owner of the building to grant JBFCS a change in the permitted use clause.  Cumulus achieved this simultaneously with landlord’s consent to the sublease.  Because it was unknown whether JBFCS would get permission for the change in use, Cumulus maintained a back-up deal for JBFCS.  By having the ownership agree to this change, JBFCS was able to save an additional $250,000 per year for 10 years.

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