The Real Deal New York

Cost overruns halt construction on massive new UWS synagogue

October 19, 2010 09:00AM

The planned new Lincoln Square Synagogue building

Construction on the city’s largest new synagogue in 50 years has halted amid a changeup in the congregation’s leadership, according to the Forward. President Scott Liebman of the Lincoln Square Synagogue, which is building its new 52,000-square-foot facility at 180 Amsterdam Avenue, stepped down this week, four days after an announcement that construction would stop due to around $17 million in cost overruns, pending a naming donor or venture partner. The long-planned, three-story structure was financed in large part by a land-swap deal with American Continental Properties, which owns Lincoln Towers. In 2007, ACP traded its 12,000-square-foot parcel for the synagogue’s present location and air rights just 100 feet away and agreed to pay for the majority of construction costs. The synagogue has been renting its original space from ACP in the interim but would have to move if and when the developer decides to build for its own purposes in that spot. [Forward]

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