Midtown congregation building sells for $28M

New York /
Mar.March 24, 2009 02:08 PM

Despite the overall decline in the commercial market, a Midtown building being used in part as a synagogue sold for $28.5 million, $4.5 million more than its sale price in mid-2007.

The buyer, Mosdot Shuva Israel, closed on the sale at 122 East 58th Street between Park and Lexington avenues March 17, according to city property records published today. Mosdot Shuva Israel, now based at 328 East 61st Street, plans to use the four-story building for a synagogue, school and administrative offices, an industry source familiar with the sale said. Representatives at Mosdot Shuva Israel werenot immediately available for comment.

Seller Hampton Synagogue bought the 23,712-square-foot, 80-year-old building in July 2007 for $24 million from the New York Genealogical and Biographical Society, city records show. Representatives at Hampton Synagogue were also not immediately available for comment. After the Westhampton Beach-based synagogue sold the building in 2007, the genealogical society leased it back, then rented the auditorium to the synagogue for weekly events, said society president McKelden Smith. The genealogical organization will move this summer to a 3,000-square-foot commercial condominium it bought last fall at the Bar Building, 36 West 44th Street.

Massey Knakal Realty Services represented the seller on the sale.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Manhattan Council member Mark Levine and Bronx Council member Vanessa Gibson co-sponsor the bill. (Getty)
Eyeing eviction “avalanche,” bill would quicken Right to Counsel rollout
Eyeing eviction “avalanche,” bill would quicken Right to Counsel rollout
Photos courtesy of HAP Investments
HAP Investments unveils new plans for Journal Square high-rise
HAP Investments unveils new plans for Journal Square high-rise
 Matthew Perry and 25438 Malibu Road (Getty, Redfin)
Matthew Perry parts with Malibu beach house for $13M
Matthew Perry parts with Malibu beach house for $13M
Gov. Andrew Cuomo with Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins (Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Lawmakers one-up Cuomo with commercial eviction and foreclosure bill
Lawmakers one-up Cuomo with commercial eviction and foreclosure bill
Photo Illustration of BioMed Realty CEO Tim Schoen and Alexandria Real Estate Equities CEO Joel S Marcus. (Getty, BioMed)
Life sciences boom continues with 36M sf in works
Life sciences boom continues with 36M sf in works
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...