IPG Sells Restrictive Covenant Building

In yet another real estate challenge, IPG prevails.

IPG was hired to sell a church that hosted a non-profit entitled The Women’s Project, a 100-year-old institution that focused on promoting women play rights and their right to the arts and expression; “WP Theater is fully committed to diversity of all kinds—racial, ethnic, national, and socioeconomic background; sexual orientation; gender identity; age; veteran status; religious belief; thought and opinion; professional aspirations; and more” (Women’s Project).

As non-profit was facing financial difficulties, they new that they had to sell their building. After fighting off other competitors, IPG won the prize of becoming WP’s real estate agent.

IPG’s philosophy/culture is recognizing the importance in helping non-profits and important institutions like WP to survive and thrive in NYC. IPG Real Estate has worked for many non for profits that have been around a long time, that have just started, and ones that have been small or large.

The selling of the building was complicated due to the fact that the building had a restrictive convenient on it which insisted that it had to be owned by or used for the purpose of promoting women’s issues. This meant that the potential buyers had to be interested in using the space for women’s issues. Knowing that it would be hard to find a buyer that fits this particular description, IPG went to the city and had the restrictive convenient removed.

“All non profits have some form of real estate attached to them and quite often they do not have real estate experts on staff or their board” Says George Donohue, President of IPG Real Estate; “since IPG primarily represents tenants, it gives the non-profits strength in their negotiations against highly sophisticated landlords ultimately getting them a better value for their property”.

Often times, non-profits concentrate and focus on the rental rate when looking to move. At IPG we know that there is more importance on many different clauses inside of the lease and not just the rental price. A non-profit should have an expert review their real estate holdings, whether it be real estate they own or rent, to see if they can save money (restructuring the lease, subletting, sale leaseback etc.). That is what we excel at, explaining to our client what the contracts mean and the potential impact, positive or negative, on their business.

Contact IPG today if you are interested in saving money.

Written by: Lindsay Craven