Property Deals Fuel New Projects for N.Y. Children’s Charity
February 4, 2014 | Read Time: 1 minute
New York’s venerable Children’s Aid Society is selling the site of a Manhattan preschool to support its growing focus on serving kids in the city’s poorer communities, writes The New York Times.
The sale of the society’s Rhinelander Children’s Center on the Upper East Side to a private developer could fetch $20-million, which the charity will plow into a new building for its college-prep charter school in the South Bronx. The move echoes a 2011 deal in which the society sold two Greenwich Village buildings it had used as an education center since 1892 for $33-million to finance programs in needier neighborhoods.
“If we were the king of the world, we would do for everybody,” said Richard Buery Jr., the society’s chief executive. “Unfortunately, we cannot address the need of every child.”
