East Village synagogue brokers $1.2M lease

January 29, 2013 08:30AM

In a bid to stay afloat after years of failed development proposals, a tiny synagogue on East 6th Street has brokered a $1.2 million lease with East River Partners, DNAinfo reported.

The Congregation Adas Le Israel Anshei Meseritz, located at 415 East 6th St., has given East River the rights to its second floor, as part of a 6,129-square-foot, 99-year lease, according to Manhattan Supreme Court documents seen by DNAinfo. East River will also be responsible for investing up to $180,000 in the renovation of the synagogue’s worship space.

The company is likely to develop a residential complex in the building, but Joseph Cohen, a principal at East River, declined to go into specifics.

“We are working with the board with the synagogue to preserve their beautiful building and help them remain in place and help them serve their congregation for many years to come,” Cohen told DNAinfo. “It is really a win-win for everybody.”

The synagogue has attempted several times over the years to kickstart development projects, including a suggestion to replace the 102-year-old building with a six-story residential structure and a proposal to sell its air rights. But the synagogue’s ability to raise funds have been hampered by its inclusion in the East Village/Lower East Side Historic District, which limits its ability to sell air rights.

East River has recently been buying and converting brownstone properties in Brooklyn, as The Real Deal previously reported, including a project at 364 Union Street in Carroll Gardens  [DNAinfo] —Hiten Samtani