Wednesday, August 7, 2019

Report: New owner of the Boys' Club building on 10th Street and Avenue A — revealed!



Aaron Sosnick, an East Village resident and founder of the investment fund A.R.T. Advisors LLC, is the new owner of the Boys' Club of New York's Harriman Clubhouse, Crain's reported yesterday.

Last month, the Boys’ Club completed a deal to sell its East Village property on Avenue A and 10th Street. The buyer was only mentioned as "a wealthy, anonymous individual." The 7-story building was sold to 287 East 10th Street LLC c/o Denham Wolf Real Estate Services for $31.725 million. (The only rumor we heard was that the buyer lived in the neighbor.)

More from Crain's last month:

Paul Wolf, a real estate broker and adviser who specializes in working with nonprofits and who represented the foundation, said the buyer wanted to remain anonymous. Wolf said the buyer was planning to sell the property, potentially at a substantial loss, to a nonprofit that would maintain its civic use.

"The goal is to keep this as a community facility," said Wolf, who is co-president of the firm Denham Wolf. "The intent is to sell it to a nonprofit at a lower price than the purchase price."

And as for figuring out who the buyer was:

City records show that a limited liability company, 287 East 10th LLC, named for the address of the Boys’ Club building, purchased it. A woman named Carey Thorpe is listed as the authorized signatory for the LLC. Thorpe, according to public records, is the spouse of Benjamin Pierson, the chief operating officer and general counsel for Sosnick’s A.R.T. Advisors.

A.R.T. Advisors has $3.7 billion in assets under management, according to The Real Deal in January 2018. Sosnick’s name has been in the news here before for reportedly opposing Gregg Singer's plans to redevelop P.S. 64 on Ninth Street. (Sosnick owns two units in the Christodora House next door, as news reports have pointed out.)

Sosnick is also the principal trustee of La Vida Feliz Foundation, "and uses his foundation quietly to support philanthropy in the arts, education, human services and community projects."

The Boys' Club quietly began the sales process in June 2018, as I first reported. Stephen Tosh, executive director of the Boys' Club, said that the sale of the East Village building would allow the organization the opportunity to start new programs in other neighborhoods in need of its services. (To be clear, the Boys' Club decided to sell their building — they were not forced out. The building was pitched for educational purposes as well as residential conversion.)

For their part, community activists and parents said that a compelling need remains in the East Village and Lower East Side for the kind of activities that the Boys' Club offers.

The Boys' Club is expected to lease space here for another year.

Previously on EV Grieve:
Local elected officials urge Boys' Club officials to postpone sale of the Harriman Clubhouse

Boys' Club of New York selling East Village building; will remain open through June 2019

During noon rally today, local elected officials will seek postponement of Boys' Club building sale

[Updated] Exclusive: The Boys' Club of New York puts the Harriman Clubhouse on the sales market for $32 million

Boys' Club fast tracks sale of East Village clubhouse as final bids are due Oct. 30

RUMOR: The Boys' Club building on 10th and A has a new owner; will remain in use as a nonprofit

14 comments:

Anonymous said...

Wow, can it really be that a good person with good intentions has bought this building? I hope everything works out for the best.

blue glass said...

Wolf said the buyer was planning to sell the property, potentially at a substantial loss, to a nonprofit that would maintain its civic use.

so why not just make a substantial contribution to the boy's club to enable them to remain in the neighborhood that they already serve and where they are needed?
. . .

"The goal is to keep this as a community facility," said Wolf, who is co-president of the firm Denham Wolf. "The intent is to sell it to a nonprofit at a lower price than the purchase price.

sounds like smoke and mirrors to me - a way to put a positive spin on the loss of another valuable neighborhood resource. and certainly a complicated and disruptive construction of something tall with lots of glass. and what is a civic use anyhow and does it come with a height bonus? or tax write off? or zoning or far change?
somebody should follow the money.

noble neolani said...

I suppose the new owner will have an agreement with the future owner that will state the building cannot be sold to a developer in the next 50 years.

Shawn G. Chittle said...

Aaron is the best! Literally the saving angel of this neighborhood, time and time again. Thanks Aaron!

MrNiceGuy said...

Good for him and great for the neighborhood -- a modern day Robin Hood! Only the EVGrumps would try to put a negative spin on this one.

cmarrtyy said...

Mr. Aaron Sosnick should be thanked for keeping the building out of the hands of Death-of-the-City de Blasio's friends. But once the BCNY's extended lease ends in a year or so... what happens to the young men of the community who have been abandoned?

I'm in the arts... They can provide a wonderful opportunity for many young adults. But the BC program is different. More vigorous. More interested in developing boys into responsible men.

As I said before Mr. Sosnick has done a great service to the community but the next step(s) are even more important and could determine the effectiveness of the Harriman Building moving forward.

Anonymous said...

As Susan Collins would say I am "concerned" about this deal.

Anonymous said...

a new low in negativity...

ev resident said...

Aaron is not a stranger--he is a member of our community and has lived here for years.
Many of us know him and have worked with him on issues in the past--including the
2008 rezoning. He did a very generous thing because he cares about our community
and can afford to do this. Let's celebrate--we don't have the opportunity
to do so very often.
Susan Stetzer

Molly said...

Aaron is the genuine article who has been a part of this neighborhood through thick and thin. Aaron's the kind of neighbor were lucky to run into and have a quick and pleasant hello with. There's lots of nice people still around. Good job Aaron and big win for team NYC!

Molly said...

We're lucky, not were... (oops)

Anonymous said...

But, sadly, this does not save the boy's club -- which was the issue.

Gojira said...

@bluegrass and @Anonymous 7:33 do make valid points. Why not go the extra mile and let the Boy's Club stay, is it not an elevated enough nonprofit for the no-longer-rough-and-tumble East Village?

blue glass said...

Does everyone know that Susan Stetzer is the Comunity Board #3 Manhattan District Manager?