Key Takeaways
- • Nonprofit Finance Fund (NFF) signed a 10-year lease for 8,393 square feet on the 12th floor of 880 Third Avenue in Midtown Manhattan, relocating from its 25+ year headquarters at 5 Hanover Square in the Financial District.
- • OPEN Impact Real Estate, the largest woman-owned commercial real estate services firm specializing in nonprofit real estate, brokered the transaction, with Lindsay Ornstein, Stephen Powers, and Sasha Perlov representing the tenant and Adam Rappaport of Jack Resnick & Sons representing ownership.
- • The relocation reflects a data-driven strategic decision driven by employee commute pattern analysis, workplace efficiency needs, and the planned residential conversion of NFF's former downtown office building.
- • The new full-floor space includes two private outdoor terraces with Midtown views, an efficient floor plate, and a flexible boardroom with a retractable wall, designed to support NFF's mission as a leading national community development financial institution.
- • The move demonstrates a broader organizational trend among nonprofits prioritizing workplace accessibility and long-term operational value over historic downtown locations.
Summary
Nonprofit Finance Fund, a nationally prominent community development financial institution, has committed to a decade-long occupancy at 880 Third Avenue in Midtown Manhattan, signing a 10-year lease for 8,393 square feet on the building's 12th floor. The transaction marks a substantial geographic pivot for an organization that maintained headquarters at 5 Hanover Square in the Financial District for an extended period.
The relocation was executed following what NFF characterized as a comprehensive, data-driven evaluation of operational requirements. Employee commute pattern analysis and workplace needs assessments informed the decision to move uptown, alongside practical considerations: the planned residential conversion of the organization's former downtown office building. According to Lindsay Ornstein, co-founder of OPEN Impact Real Estate, the tenant's broker on the deal, NFF "approached this relocation with a clear, data-driven mindset, balancing mission alignment with the evolving needs of its team." While organizational leadership expressed initial preference for remaining downtown, Midtown ultimately offered superior accessibility, operational efficiency, and long-term value positioning.
The 880 Third Avenue space has been specifically designed to support NFF's mission of delivering financial and advisory services to nonprofit organizations across the country. The full-floor footprint includes two private outdoor terraces offering Midtown views, an efficient floor plan, and a flexible boardroom featuring a retractable wall—accommodating both large organizational gatherings and smaller client meetings. OPEN Impact Real Estate's Lindsay Ornstein, Stephen Powers, and Sasha Perlov represented NFF in the transaction, while Adam Rappaport of Jack Resnick & Sons represented the building ownership. This relocation exemplifies how nonprofit organizations are increasingly applying strategic, data-informed decision-making frameworks to workplace real estate decisions, balancing organizational mission with operational efficiency and team accessibility.
The relocation was executed following what NFF characterized as a comprehensive, data-driven evaluation of operational requirements. Employee commute pattern analysis and workplace needs assessments informed the decision to move uptown, alongside practical considerations: the planned residential conversion of the organization's former downtown office building. According to Lindsay Ornstein, co-founder of OPEN Impact Real Estate, the tenant's broker on the deal, NFF "approached this relocation with a clear, data-driven mindset, balancing mission alignment with the evolving needs of its team." While organizational leadership expressed initial preference for remaining downtown, Midtown ultimately offered superior accessibility, operational efficiency, and long-term value positioning.
The 880 Third Avenue space has been specifically designed to support NFF's mission of delivering financial and advisory services to nonprofit organizations across the country. The full-floor footprint includes two private outdoor terraces offering Midtown views, an efficient floor plan, and a flexible boardroom featuring a retractable wall—accommodating both large organizational gatherings and smaller client meetings. OPEN Impact Real Estate's Lindsay Ornstein, Stephen Powers, and Sasha Perlov represented NFF in the transaction, while Adam Rappaport of Jack Resnick & Sons represented the building ownership. This relocation exemplifies how nonprofit organizations are increasingly applying strategic, data-informed decision-making frameworks to workplace real estate decisions, balancing organizational mission with operational efficiency and team accessibility.
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