Chabad buys Manhattan building for $42M - Israel Business, Ynetnews
 
ynetnews
web


   Israel News

Israel News
World News
Israel Opinion
Jewish
Israel Business
Israel Culture
Israel Travel
Chabad Fortress

Chabad Center in New York (archives) Photo: Reli Cohen
Chabad Center in New York (archives) Photo: Reli Cohen
 
 

Chabad buys Manhattan building for $42M

Hasidic movement finalizes acquisition of 12-story structure on 5th Avenue, between Apple and Versace stores

Akiva Novick
Published: 09.14.12, 17:09 / Israel Business

The luxurious Louis Vuitton, Versace and Apple flagship stores on New York City's 5th Avenue will soon be receiving a new neighbor: Chabad of Midtown Manhattan has finalized the acquisition of a 12-story building in the area for $42 million.

 

According to the Hasidic movement's website, the building is located in the heart of New York City at 509 Fifth Avenue and measures 60,000 square feet in size.

 

Rebbe's Troops
Over 5,000 Chabad emissaries gather in NY / Kobi Nahshoni
Hasidic movement's rabbis, scholars meet in Crown Heights for annual international conference. Planning to spend Shabbat in Nigeria? Country may soon get its own Chabad House with kosher meals, organized prayers
Full story

Chabad of Midtown Manhattan has occupied the building for 16 years. From its landmark second-floor location at Fifth Avenue and 42nd Street, the movement currently operates a synagogue, community center and a slew of programs. It is particularly famous for attracting a series of top businesspeople, who have given donations and provided loans for the building's purchase.

 

Chabad emissaries Rabbi Joshua and Bracha Metzger, plan to rent most of the building's floors to businesspeople in order to fund the cost of its purchase and maintenance.

 

The Chabad of Midtown Manhattan yeshiva currently includes 13 students.

 

This real estate deal is particularly surprising, as Chabad members are known to stay in modest places and live off donations and teaching Torah in local communities.

 

There are some 4,000 active Chabad centers across the world, but such a grand building has yet to be purchased.

 

 

commentcomment   PrintPrint  Send to friendSend to friend   
Tag with Del.icio.us Bookmark to del.icio.us



 
13 Talkbacks for this article    See all talkbacks
Please wait for the talkbacks to load

 

RSS RSS | About | Contact Us | Privacy Policy | Terms of use | Advertise with us | Site Map

Site developed by  YIT Advanced Technology Solutions

 
פיקוד העורף התרעה במרחב:
    רשימת יישובים במרחב