Greenwich United Way closed on the sale of the organization’s building and office space at 1 Lafayette Court on Tuesday, April 25, 2017.
The building, which was built in 1920, sold for $2,495,000. It was purchased by 1 Lafayette Court, LLC, which is registered to Diego Reyes of Stapleton Management in Greenwich.
Proceeds from the sale will help secure the future financial stability and development of the organization in serving its mission.
“Since 1933, the Greenwich United Way has led the community in identifying unmet human services needs, raising awareness and support for those needs, and creating meaningful solutions,” said Greenwich United Way CEO, David Rabin in a release. “We are currently looking for leased space that will best position us to meet the needs of our community.”
“The sale of our headquarters building represents the culmination of a strategic review of our largest asset by our board, which began in 2015,” said Patrick Sullivan, Chair of the Building Task Force. He said, “The board decided to monetize an asset that was of limited strategic importance to the organization, capitalize upon strong market conditions for commercial property in central Greenwich and direct the sale proceeds to ensure the long-term financial success of the Greenwich United Way.”
“Greenwich United Way will stay at 1 Lafayette Court until new space for lease is identified,” said Greenwich United Way Board Chair, Karen Keegan. “We are pleased to continue working with Allan Murphy, of Newmark Knight Grubb Frank, who is the broker of record for the building sale to find our new home.”