The College Board had a lease expiring and was concerned about spiraling rents and office market uncertainties.  Peter Pattison advised them that ownership was the best course of action especially taking into consideration their tax exempt status and the availability of special tax exempt financing.  Unfortunately, development of a new building in Manhattan was not economic.  However, we recognized an opportunity for our client in a warehouse building that was in the initial phases of renovation to condominium units on Manhattan's west side.  Overcoming the strong objection of the sponsor, we conceived, proposed and negotiated the purchase of a condominium interest in the first ten floors in an unprecedented commercial/residential condominium including the ground floor retail space to provide a separate entrance.  The New York State Dormitory Authority financing provided low, long term fixed occupancy costs which were subject to increases based only on actual operating expenses.