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February 25, 2015

Charity Cashes in on Brooklyn Property Boom With Office Deal

Taking advantage of a soaring local real-estate market, a venerable Brooklyn nonprofit has cut a deal with a developer for a conversion of its headquarters that will likely bring the group millions of dollars, reports The Wall Street Journal. Brooklyn Community Services' seven-story building will be expanded to 14 stories with new apartments and a 17,000-square-foot office condominium.

Terms of the deal were not released, but property experts said the building, constructed for Brooklyn Community Services in 1927, is worth more than $20-million. The charity, which offers a wide range of programs for area residents, will stay in the building and own the office condo. Executive director Marla Simpson said the organization needed to sell to pay down debt and secure long-term financial stability, and that the time was right because "downtown Brooklyn is one of the hottest markets on the planet."