Nonprofits Certainly Profit From Property Sales

The New York Sun reports:

Nonprofit organizations are among the largest owners of real estate in New York. Many such organizations are now seizing the opportunity to gain significant profits by selling property and air rights.

"It's not surprising that the nonprofit community, which typically is real estate rich and cash poor, is taking advantage of the current real estate market," the chairman of Massey Knakal Realty Services, Robert Knakal, said. "Prices remain at record levels, creating the opportunity for many organizations to make their operations more efficient and bolster their endowments."

Who says they don't make anymore land?