NY investors to buy $3M condo to open Sephardic Jewish center

New York /
Feb.February 23, 2012 12:06 PM

New York real estate investors Alex Adjmi and Ike Chehebar are in contract to buy a Greenwich Village commercial condominium owned by the Children’s Aid Society for $3.3 million, and then convert the space to a Sephardic Jewish community center (note: correction appended).

The group of investors formed a non-profit to buy the unit and then spend an additional $1 million to rebuild the three-story condo, located at 177 Sullivan Street between Bleecker and West Houston streets, for the new use, said Jonathan Nachmani, who is involved with the transaction and is a vice president of the investment firm Jackson Group.

The group is currently developing plans to file with the city’s Department of Buildings.

Adjmi is president of A&H Acquisitions, Chehebar is CEO of the Jackson Group. The investors are part of the influential Syrian Jewish community that has deep roots in real estate, apparel and retail businesses.

The future center in the 6,000-square foot community-facility condo (which includes additional basement space) is targeting students at nearby universities such as New York University, Touro College and Benjamin N. Cardozo School of Law, but will not be limited to students.

“It is in the center of NYU, New School, and Cardozo law, which boast a substantial Sephardic population whose religious and cultural needs are underserved,” Nachmani said.

The contract was signed Jan. 20 and is set to close in June, Nachmani said. The Jewish center will have a synagogue, banquet facilities and a learning center, and is expected to be ready by the High Holy Days in September, he said.

The Children’s Aid Society bought the commercial condo (which has the address 177 Sullivan Street although it is part of the seven-story residential condo building with the address 175 Sullivan Street) from the building’s developers, in October 2005 for $1.88 million, property records show.

This is the second recent sale for the Children’s Aid Society, which provides health, education, adoption and foster care to children and families in New York City. The charity voted to put its three Greenwich Village properties at 177, 209 and 219 Sullivan Street on the market in late 2010 to focus its attention on higher-need areas such as in the South Bronx and Washington Heights. Cushman & Wakefield brokers Helen Hwang and Nat Rockett listed the buildings and brokered the transactions.

Last July, Broad Street paid the Children’s Aid Society $33 million for 209-219 Sullivan Street and plans to develop a condo building there.

The charity did not immediately respond to a request for comment.


Related Articles

arrow_forward_ios
President Joe Biden (Getty, iStock)
What Biden’s first 100 days meant for real estate
What Biden’s first 100 days meant for real estate
Stonehenge CEO Ofer Yardeni and 920 Park Avenue (Google Maps, Stonehenge)
Stonehenge Partners buys $135M UES rental building
Stonehenge Partners buys $135M UES rental building
Boston Properties CEO Owen Thomas (iStock, Thomas by Axel Dupeux)
Boston Properties to launch $2B joint venture
Boston Properties to launch $2B joint venture
Cherre CEO L.D. Salmanson (Cherre/Facebook)
Real estate data firm Cherre raises $50M
Real estate data firm Cherre raises $50M
Doctors and medical professionals have remained on time with their rent payments in the past year (iStock)
Medical offices are just what the doctor ordered for landlords
Medical offices are just what the doctor ordered for landlords
Cerberus Global Investments President Lee Millstein
Cerberus raises nearly $3B for new real estate fund
Cerberus raises nearly $3B for new real estate fund
Zigg Capital's Dave Eisenberg and Ryan Orley (Zigg, iStock)
Zigg Capital nabs $225M to invest in proptech startups
Zigg Capital nabs $225M to invest in proptech startups
NFT-based game The Sandbox is allegedly worth $37 million. (Getty, The Sandbox)
Digital “land” in video games attracts NFT investors
Digital “land” in video games attracts NFT investors
arrow_forward_ios

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

Loading...