United Synagogue Sells 32,500-SF HQ for $27M

NEW YORK CITY-In a transaction that enabled the United Synagogue of Conservative Judaism to upgrade its headquarters office and to increase its endowment, the organization, which comprises more than 700 affiliated synagogues throughout North America, sold its 32,500-sf, seven-story office building at 155 Fifth Ave. for $26.5 million and acquired a new headquarters on two floors at 820 Second Ave.

Studley represented United Synagogue in the acquisition of 820 Second Ave. and in the sale of 155 Fifth Ave., procuring the buyer, 155 Fifth Ave. LLC, an affiliate of Philips International Holding Corp. The owner of the new headquarters, also a Philips affiliate, Second 820 Owner LLC, was represented by Newmark Knight Frank in the sale of the two floors. Senior managing director of Studley Marc Shapses, EVP Ira Schuman, and executive managing director Kurt Handschumacher juggled a number of options for the organization.

155 Fifth Ave. had been acquired 30 years ago and needed updating and renovation. United Synagogue had to decide if it should stay put and invest in costly renovations and then lease out the ground floors; sell the property and lease new office space; or sell the property and buy new space. “Ultimately, we determined that the most economically viable solution was for United Synagogue to acquire the 25,300-sf, two-floor office condominium at 820 Second Ave., a 19-story building situated at the intersection of East 44th Street,” Shapses says.