121 Sixth Avenue
In 1986, The Door - A Center of Alternatives, discovered that it would have to vacate its home, a 50,000 square foot, 23 foot ceiling former main selling floor of an old department store. The owner wanted to convert his building into offices and retail space. The Door, a youth center then in operation for almost 15 years, had developed a unique philosphy and program based on integrating a variety of services, from health care to martial arts, under one roof to support and enhance the lives of city teenagers. With an image of openness and understanding, the space perfectly fit The Door's needs.
One of organization's great attributes was its ability to function as an integrated program with a multitude of categorical governmental funding sources. However, the Door had no endowment, little foundation general operating support, and no capital funding with which to secure a new home. Yet, the board and senior staff of The Door wanted to find a way to acquire a new home in order to protect it against similar situtations in the future.
Working with The Door's executive staff, Steven Schwartz first established a program defining how best to replicate the same feeling and environment on several floors of a free-standing building. Then we began the task of searching for an appropriate building. With the help of a sympathetic supporter, The Door was able to enter into a contract to purchase a 100,000 square foot building at 121 Sixth Avenue. With a guarantee for $11 million from the owner of the current building housing The Door, we were able to secure commercial financing to buy and renovate the building.
The bulk of the project costs were paid by an $8.9 million tax exempt "civic facility revenue bond". This is a bond, authorized by the City of New York, and underwritten by an investment bank, that allows investors to be exempt from paying Federal, State and City taxes on bond income.
One and a portion of a second floors in the six floor building were sold to other local nonprofits as commercial condominiums. We secured almost $4 million in additional financing from New York State and several foundations. The Door also raised almost $2 million in capital grants from foundations.
In 1989, 121 Sixth Avenue was completed and The Door moved into its new home.
