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Foster Care Nonprofit Cashes in on $23M DoBro Building

SCO Family of Services just sold its foster care and child clinic building at 570 Fulton St to Slate Property Group for $22.9M, a huge profit considering they paid just $500k for the property in 1985.

Slate took out a $15M loan from Bank of the Ozarks to purchase the three-story, 20.8k SF building. The site has up to 86.3k buildable SF for mixed-use development.

SCO, which has more than 100 locations in the metropolitan area, is relocating the building's 125 employees to 224 Nevins St. It will use the proceeds from the sale to fund programs in New York City and Long Island. [CO]