NADAP, Inc., a private non-profit corporation based in midtown Manhattan that serves disadvantaged New Yorkers with jobs, community support, health care and more, reached out to us when they were applying for a new contract with the Human Resources Administration.
They were seeking a location to house the new program, however, NADAP’s requirement was fraught with challenges due to the high levels of client traffic and its need to have the flexibility of terminating the lease in the event that HRA did not renew the contract.
After scouring Manhattan and showing NADAP options ranging from Wall Street to the Garment Center to Harlem, it decided to move forward with a deal on Park Avenue right next to the subway.
Another challenging element to the deal was the timing—there were portions of the HRA contract changed up until 4 weeks before the program was supposed to begin.
We were initially focused on a raw space at 1825 Park Avenue that the landlord was going to build from scratch, however after understanding the time crunch from HRA, we advised NADAP to pivot to a space that was already built so that it’d be able to begin fulfilling its contractual obligations with HRA.
Not only were we able to secure a deal over 10% below the asking price but we were also able to negotiate a termination option for NADAP allowing for flexibility in the event that this HRA contract was not renewed.