The Real Deal New York

Bnai Zion Foundation asking $21M for long-time Murray Hill HQ

Nonprofit has owned property for 44 years; marketed as possible resi conversion
By Mark Maurer | January 07, 2015 12:15PM

The Bnai Zion Foundation is looking to sell its U.S. headquarters at 134-136 East 39th Street in Murray Hill for $21 million, The Real Deal has learned.

The nonprofit, which organizes social service projects in Israel and the U.S., has owned the five-story property near Lexington Avenue for 44 years. The nearly 16,000-square-foot building includes an auditorium and offices that would be delivered vacant at the time of a sale. The third floor of the 43-foot-wide property features a terrace.

Rosewood Realty Group’s Aaron Jungreis and Eastern Consolidated’s David Schechtman are jointly marketing the property as a possible conversion into a single-family or multi-family residence. The building could continue to house the offices of a nonprofit or a financial or legal services firm while adopting a more modern layout, the brokers said.

Any additional development rights were previously sold to an adjacent property, according to documents obtained by TRD.

The charitable foundation is shopping around for a roughly 5,000-square-foot space to lease in Midtown, Schechtman said.

Last year, BLDG Management acquired a nearby rental building at 222 East 39th Street for $126 million, as previously reported.