155 Fifth Avenue flips for $38 million

Philips International Holding Corp. has sold a seven-story office building at 155 Fifth Avenue for $38 million, after buying it for $26.5 million in July of last year, according to public records. The Eretz Group, a New York-based real estate investment firm, was the buyer. Philips International bought the 32,500-square foot building at 21st Street from the United Synagogue of Conservative Judaism, which had used it as its headquarters for 30 years. The organization of 700 affiliated synagogues decided against investing in upgrading the building, Real Estate Weekly reported last year. TRD