East Village synagogue brokers $1.2M lease

TRD New York /
Jan.January 29, 2013 08:30 AM

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

 

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
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Kris Jenner and Khloe Kardashian both bought homes in the Hidden Hills (Getty)

Kris Jenner and Khloe Kardashian buy mansions on land once owned by Woodbridge Group

Kris Jenner and Khloe Kardashian buy mansions on land once owned by Woodbridge Group
From June through August, sales taxes collected from the city’s accommodation businesses fell $2.2 billion short of the year-ago total. (iStock)

Business at city hotels down a stunning 90%

Business at city hotels down a stunning 90%
Denizen Bushwick at 54 Noll Street (Photos via Denizen Bushwick)

All Year nears $650M financing for Bushwick luxury rentals

All Year nears $650M financing for Bushwick luxury rentals
Costa Constantinides and REBNY's Jim Whelan (Photos via Facebook, VoteCosta)

City Council caps emissions at many rent-stabilized buildings

City Council caps emissions at many rent-stabilized buildings
arrow_forward_ios

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

Loading...