The 32-acre property at 463 Hawthorne Ave. in Yonkers owned by the nonprofit Rising Ground, formerly known as Leake & Watts, is for sale. Rising Ground said the property has been listed with Transwestern Real Estate Services in Manhattan. A listing price was not publicized but a source told the Business Journal that the property is expected to sell for more than $60 million.
Leake & Watts changed its name to Rising Ground in 2018. The organization had been founded in 1831 as an orphanage. It has grown to the point where it operates more than 50 programs at more than 55 sites in Westchester and New York City. It serves an estimated 25,000 individuals and has 1,600 employees.
Leake & Watts began offering services at the site in Yonkers in 1890. According to the New York Historical Society, the land was a farm that had been owned by an actor, Edward Forest, and the grounds were designed by famed landscape architect Frederick Law Olmstead.
Rising Ground plans to relocate the programs at the Hawthorne Avenue campus to other sites in New York City and Westchester.
Located on the campus are: the Ames Early Childhood Learning Center; the Biondi Education Center; the Residential Treatment Center; Passage of Hope; and five residences for adults with intellectual and developmental disabilities.
The Biondi Elementary, Middle and High Schools offer educational and therapeutic support to both residential and day students who have behavioral and emotional challenges, learning disabilities, or intellectual/developmental disabilities.
A long driveway and associated land corridor leads from Hawthorne Avenue to the main section of the property. The western boundary runs along a portion of Valentine Lane, which in turn abuts the Metro-North Hudson Line tracks that parallel the eastern shore of the Hudson River.
Matt Del Percio, president of the Rising Ground Board of Directors, said, “The sale of the property will enable us to maximize the use of our charitable assets to further our mission, which is to help children, adults, and families rise above adversity by providing caring support and proven paths to positive change,”
Rising Ground”™s CEO Alan Mucatel, said, “The sale of the Yonkers campus is another step forward in Rising Ground”™s evolution. We have made many major changes to meet the realities of the day throughout our 190-year history. All indications indicate that this is a change for the better, long term.”
Mucatel said that the organization will use the proceeds from the sale “to enhance our long-term financial viability and position us well into the future.”
Rising Ground”™s federal tax return Form 990 covering the fiscal year ending June 30, 2019, showed that the nonprofit had revenues of $105,230,875 and expenses of $106,426,793. The organization showed net assets or fund balances of $9,986,779.
