Sephardic Academy buys UES building with help from Syrian real estate players

Ben Ashkenazy, the Chera family among the financial backers

New York /
Jan.January 09, 2018 08:00 AM

From left: 150 East 74th Street, Ben Ashkenazy and Daniel Levy

The Sephardic Academy of Manhattan bought a six-story building on the Upper East Side for $14 million to expand its program — with a helping hand from some familiar figures in New York real estate.

Daniel Levy, a partner at Ashkenazy Acquisition Corporation, is on the school’s board and was instrumental in getting the deal done, along with other members. “It was a collective effort,” Levy said, “We all helped the school acquire the building as a future home for its elementary school.”

Ben Ashkenazy, the billionaire founder and CEO of the company, Crown Acquisitions‘ Chera family and several other prominent real estate families from the Syrian-Jewish community contributed to the purchase.

Levy said his extended family has seven kids in the school.

The school began as an early childhood program in 2011, with plans to open an elementary school in the upcoming school year. It’s headed by Rabbi Elie Abadie, the longtime Rabbi of the Edmond J. Safra Synagogue, which is frequented by members of the Syrian-Jewish community.

Abadie was ousted last year after a conflict with Lily Safra, widow to the synagogue’s namesake, and chair of the foundation that financed it, according to the New York Post. He has since started a breakaway synagogue, Congregation Shaare Mizrah, which is located in a Third Avenue building owned by Joseph Sitt’s Thor Equities.

The school’s acquisition of the 11,850-square-foot building at 150 East 74th Street allows for the option to convert to a school or other nonprofit use, and comes with 23,000 buildable square feet.

The sellers are the Brandt family, which acquired the property in the 1980s. A team of Marcus & Millichap brokers represented both the buyer and the seller. Joe Koicim, Peter Von Der Ahe, David Lloyd and Danny Handweiler had the listing.


Related Articles

arrow_forward_ios
Related’s Stephen Ross and 265-275 Cherry Street (Google Maps; Getty)
NYC investment sales showed signs of recovery at end of 2020
NYC investment sales showed signs of recovery at end of 2020
Tishman Speyer CEO  Rob Speyer and The Spiral as seen on January 21, 2021 (Photos via Getty Images; Illustration by Kevin Rebong)
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer’s half-empty Hudson Yards tower tops out
Tishman Speyer CEO Rob Speyer and Latch CEO Luke Schoenfelder (Getty; Latch)
Latch to go public via Tishman Speyer’s SPAC
Latch to go public via Tishman Speyer’s SPAC
(Photo illustration by The Real Deal)
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Hard money, hard decisions: Nonbank lenders face pressure to deal with problem loans
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
arrow_forward_ios

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

Loading...