WSJ Reports - New York Foundling Finds Home in Long Island City

The New York Foundling, a not-for-profit foster and child-care agency, has moved to Long Island City, taking about 35,000 square feet and creating a new open-office format for its workers.

The New York Foundling moved into The Center Building at 33-00 Northern Boulevard. A joint venture of Madison Marquette and affiliates of Perella Weinberg Partners purchased the building in December 2012. The building is 95% occupied.  "This is an example of another important tenant who is seeing good relative value in moving from Manhattan to Long Island City," said Ryan Colbert, Madison Marquette's investment director.

The New York Foundling has been shedding its Manhattan real estate, though it always will maintain some presence in that borough, said Bethany Lampland, chief operating officer of the organization. The charity's strategy is to invest savings and revenue from its real estate into its service programs. In the spring, the organization put its Greenwich Village building at 27 Christopher St. up for sale with an asking price of $47.5 million.

The move to Long Island City allowed the charity to build improved offices and locate its services closer to the outer boroughs where many of its clients live and work, she said.


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