509 Fifth Avenue Sold to Chabad Lubavitch for $42 Million
According to a posting on chabad.org, Chabad Lubavitch of Midtown Manhattan closed yesterday on the purchase of 509 Fifth Avenue. The Jewish educational and social services organization, comprised of 33,000 institutions in over 75 countries, had been a tenant in the building for 16 years.
Rabbi Joshua Metzger told The Commercial Observer that a deal for the building had been long sought-after.
“It’s been a long-term goal of Chabad to purchase this flagship center for the expansion of its charitable and educational programs,” Rabbi Metzger said. “We thank all of our friends and supporters in enabling this special acquisition.”
Norman Sturner’s Murray Hill Properties is the seller and the sale was brokered by Eastern Consolidated. The purchase price was $42 million.
Israel Discount Bank, a tenant in the building, will vacate when its lease there is up at the end of the year. This will allow Chabad Lubavitch to expand and occupy the entire 12-story, 63,000-square-foot space.