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501-507 WEST 42ND STREET REALTY CORP
NEW YORK, NY · EIN 133120148 · Form 990 · FY2024 · Small ($100K-$1M)
revenue
$610K
expenses
$591K
net assets
$1.8M
employees
0
mission · from form 990

501-507 WEST 42ND STREET REALTY CORP WAS FORMED FOR THE EXCLUSIVE PURPOSE OF HOLDING TITLE TO PROPERTY AND FOR COLLECTING INCOME THERE FROM, AND TURNING OVER THE ENTIRE AMOUNT THERE OF, LESS EXPENSES TO LOCAL 580 PENSION FUND.

profile · synthesized from sources

501-507 WEST 42ND STREET REALTY CORP is a New York-based real estate holding corporation established to own property and collect rental income. The organization's sole purpose is to manage real estate assets and remit net income to the LOCAL 580 PENSION FUND. It does not provide public services or operate programs beyond property management.

activities · 1 group

What they do

  • Endowment and Gift Fund Management 1 activity
    • Funding pension through property income
      Holds title to property and collects income from it, transferring net proceeds to the Local 580 Pension Fund.
financials · form 990 · fy2024
revenue
Total revenue$610K
Contributions & grants$00%
Program service revenue$609K100%
Investment income$1K0%
Other revenue$0
expenses
Total expenses$591K
Program expenses—
Admin / overhead—
Fundraising—
Salaries & benefits$95K
Grants paid out$0
Largest expense lineFacilities
balance sheet
Total assets$1.82M
Cash$616K
Investments$0
Liabilities$64K
Net assets$1.75M
Liquid reserves12.5 mo
4 years on record · 2020–2024 · YoY revenue +24.1%
leadership · form 990 part vii · fy2024

Who runs it

paid leadership · 1
NameTitleHours/wkCompensation
BRENDAN TORMEY FUND ADMINISTRATOR 2 $310K
relationships · 1

Who they work with

  • LOCAL 580 PENSION FUND Partner — Receives net income collected from property holdings.
strategies · 1

How they approach the work

Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.

  • Real Estate-Backed Funding Model
    methodology: real-estate-backed-funding
    By owning and leasing real estate properties, we generate stable rental income that funds a pension program, because long-term property assets provide reliable financial returns independent of market volatility.