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New York

Rabbi nabs 509 Fifth for $40M

Sources told the New York Post that Rabbi Joshua Metzger is in contract to purchase 509 Fifth Avenue for $40 million, potentially bringing an end to the many lawsuits pending at the tower between 42nd and 43rd streets. The 12-story, 60,000-square-foot building is partially occupied by non-profits the Chai Foundation and Chabad Lubavitch of Midtown, both run by Metzger.

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Metzger has field suit in the New York State Supreme Court against real estate investors David Werner and Amram Kass as well as Norman Sturner of Murray Hill Properties, who currently owns the building, alleging that he provided proprietary information about the building to Werner and Kass prior to its sale by Joseph Moinian to Sturner in 2010.

The building hit the market late last week, marketed by Eastern Consolidated’s Peter Hauspurg and Brian Ezratty, and the rabbi put down a deposit almost immediately, the Post said. Before the sale, Sturner had planned to sell off the floors of the building as commercial condominiums. [Post]