Billionaire Bronfman’s Charity Moving Despite Pending ‘Sunset’
The Andrea and Charles Bronfman Philanthropies has signed a 6,413-square-foot lease at 445 Park Avenue in a relocation from its previous offices just a couple of blocks away at 110 East 59th Street.
The ACBP operates and supports programs in Canada, Israel and the United States meant to strengthen the bond and bridge the gap between Jewish people, to improve the quality of life in Israel and to promote Canadian heritage.
“We needed to find a building that offered the prestige and location that the Bronfmans desired but offered a rent structure that was palatable,” Jeffrey Peck, a senior managing director of commercial brokerage Studley Inc., who represented the Bronfmans, told the Wall Street Journal.
Park Avenue Property Associates LLC listed an asking rent of $90s a square foot for the space and the landlord will pay for most of the construction costs, with the charity slated to move in the second quarter.
Heir to the Seagram’s liquor enterprise, Charles Bronfman, was worth $2 billion as of March 2013, according to Forbes. His father, Samuel, expanded the liquor maker during Prohibition and also acquired oil and entertainment assets.
After five decades working for Seagram’s, the younger Bronfman went on to own the Montreal Expos and co-founded Taglit-Birthright Israel, a sponsor of free trips to Israel for young Jewish adults.
Despite the relocation, Mr. Bronfman plans to close, or “sunset,” the charity in 2016, according to his charity’s website.