Challenge
Maryknoll Fathers and Brothers (“Maryknoll”), a non-profit American Catholic aid organization, engaged Allegro to assist with a property it owned on its campus in Westchester County, New York. The property, known as the Bethany Building, is a 42,000 square foot building, situated on 24.9 acres zoned residential, that formally housed lay missionaries. The building was vacant and no longer critical to their mission as an organization. Maryknoll’s goal was to dispose of the property with the objectives of benefiting financially, and, to the extent possible, controlling the future use. Maryknoll retained Allegro to advise on the disposition, manage the broker selection process, ensure that the disposition generated a financial return, and was consistent with their mission as a Catholic missionary organization.
Solution
Allegro met with local government officials to understand zoning, land use, and local opinions on potential end uses. Next, Allegro conducted a three-step process (pre-qualification, interviews, and vetting) to select a local broker partner who would list the property. Moreover, Allegro collaborated with the local broker to explore a variety of disposition strategies, including: selling the property in as-is condition, as vacant land, or subdividing the land for residential development. Throughout the duration of the engagement, Allegro managed the process, coordinated with local brokers, and analyzed all offers against economic criteria and for fit with Maryknoll’s mission.
Ultimately, Allegro and the local broker identified and qualified a buyer that was both economically beneficial and consistent with Maryknoll’s mission. The disposition of the property allowed the organization to focus its resources on mission critical facilities. Allegro has an ongoing relationship with Maryknoll and has provided services for portions of its global real estate portfolio.
