News from FedcapFedcap Expands to the South Bronx to Create Sustainable Employment Solutions and Services in the South Bronx Community - Signs Lease on New Headquarters in the Landmark Banknote Building
Contact: Barbara Rosen/Fedcap/212.727.4260
Signs Lease on New Headquarters in the Landmark Banknote Building
New York, September 1, 2010 – Fedcap, a Manhattan-based nonprofit that provides comprehensive training, job placement, and long term employment solutions for people facing barriers while creating jobs that provide vital services to commercial and government clients, is expanding to the South Bronx. Fedcap’s new Bronx headquarters will initially house its Office Service Division which currently employs 65 graduates of the organization’s vocational training program. The division serves commercial and government clients by providing cost-effective outsourced mailroom services, including digital imaging, print and mail, and data entry. Fedcap plans to open its new 10,000 square foot location this Fall in the venerable BankNote building, located at the intersection of Garrison and Lafayette Avenues in the Hunt’s Point neighborhood.
“As an organization that creates over 1,000 jobs in the region each year, Fedcap is uniquely positioned to help create sustainable solutions and break the cycle of poverty affecting many of the neighborhood’s residents and develop a comprehensive approach to tackle that community’s core needs,” said Christine McMahon, Fedcap President and CEO. “We envision offering a coordinated team of resources, including vocational, mental health and educational/family supports, as well as jobs for local residents as our businesses expand, to create a one stop location to serve the needs of people who face employment barriers in the South Bronx. Fedcap’s new Bronx Headquarters in the BankNote will provide the organization with a platform to both directly serve the surrounding community as well as its corporate client base through a professional business environment within an underserved community.
“We were founded in 1935 during the height of the Great Depression and despite the lack of jobs available to the general public, our founders were able to reverse the concept that people with barriers were not able to work and live independent lives,” said McMahon. “We face an equally great challenge during today’s economic recession and will remain an engine for job growth and creator of solutions for those facing barriers so that they can find and maintain employment and change their lives.”
Built in 1909, The BankNote is a 405,000-square-foot, office and retail complex which was formerly the home of The American Bank Note Company. The architecturally distinct landmark building has quickly become a hub for creative companies, non-profits, community organizations and schools by providing a unique combination of professional and affordable space in the burgeoning South Bronx community. The class-A building, the only one if its kind the neighborhood, is being redeveloped through the combined efforts of Taconic Investment Partners and Denham Wolf Real Estate Services, and features flexible, customizable space ranging from 5,000 to 150,000 contiguous square feet. Notable tenants include Arthur Aviles Typical Theatre, Sustainable South Bronx, The Bronx Academy of Arts and Dance (BAAD!), The Lightbox-NY, the John V. Lindsay Academy Culinary Program, and the office of Congressman José E. Serrano.
“Fedcap’s commitment to the South Bronx demonstrated by its move to the BankNote building mirrors our own commitment to providing a space where local companies and organizations can set up shop and expand as their needs grow,” said Peter Febo, senior vice president of Taconic Investment Partners. “We believe strongly in the power of sustainable education and jobs programs.”
Joseph Fabrizi, John Peters and Franklin Speyer of Cushman & Wakefield represented the tenant in the transaction, while Stephen Powers and Paul G. Wolf of Denham Wolf represented the landlord, Taconic Investment Partners. Although terms of the lease were undisclosed, the asking price was $27 per square foot.
Fedcap’s mission is to empower people with barriers to move towards economic independence as valued members of the workforce. Founded in 1935 and headquartered in New York City, Fedcap is a national leader in providing comprehensive vocational services and employment for people facing barriers. Fedcap helps America work. Through training, job placement, supports, and socially responsible outsourcingTM services to business and government, Fedcap has helped thousands of people transform their lives and successfully enter the workforce.
Fedcap graduates obtain jobs at private companies or with Fedcap. The majority of the jobs we are able to offer are made possible through the New York State Preferred Source Program, New Jersey ACCSES and CNA Services, and the federal AbilityOne Program. Fedcap also operates a business and trade school, a licensed home health care agency and mental health programs for people with severe and persistent mental illness. For more information, or to make a donation, call 212-727-4200 or visit www.fedcap.org.
About The BankNote:
The BankNote is a landmarked 405,000-square-foot office and retail complex located at 890 Garrison Ave. in the Hunts Point section of the Bronx. Through the combined efforts of Taconic Investment Partners and Denham Wolf Real Estate Services, the architecturally-distinct building has recently completed a $25-million Class A redevelopment. Renovations include new windows, lobbies, bathrooms, elevators and mechanical systems reinventing the 100 year old Landmarked building into a sustainable and professional business community. Under the direction of celebrated architectural firm Beyer Blinder Belle, renovations of the former American Bank Note Company building will respect the historic character of the property marked by prominent arched windows, saw-tooth skylights, concrete floors, exposed brick walls and light-flooded interiors. For more information visit: www.thebanknotenyc.com. For leasing, call (212) 736-5656.