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

















