UPTOWNflavor

The New York Observer certainly has its eye on Harlem. Local non-profits are moving into the historic Teresa Towers on Adam Clayton Powell, Jr. Blvd.

In a series of deals made uptown, the brokering guru for nonprofits, Suzanne Sunshine, has secured space for three nonprofits in a historic Harlem building at 2090 Adam Clayton Powell Boulevard.

Touro College, Children’s Village and Arbor Education and Training have committed to more than 23,000 square feet in renewals and expansions at Theresa Towers, the former home of the Hotel Theresa, on 125th Street and Seventh Avenue.

To Ms. Sunshine, it’s the implications that matter most: Harlem will be the next Manhattan home for nonprofits.

“As leases turn over, we’re going to make a big push to bring nonprofits up to Harlem,” she said. “Many of my tenants can’t afford more than $28 per square foot. They’ve been battered by this market.”

That’s because nonprofits can’t afford the $64-per-square-foot rents that are the average for top-quality Manhattan office space these days.

After Sept. 11, 2001, nonprofits flocked downtown—but with the downtown market circling back, Ms. Sunshine says Harlem is the place. And if the Harlem revolution is going to start, Ms. Sunshine has identified Theresa Towers as its Bastille.

Before the 13-story building was converted to office space, it used to be a hotel with the moniker the “Waldorf of Harlem.” Fidel Castro once stayed there, and Malcolm X held meetings there. A revolution, indeed!

Source: NY Observer [NYO]