Chabad buys Manhattan building for $ 42 million
The luxurious Louis Vuitton, Versace and Apple flagship store on 5th Avenue in New York soon have a new neighbor: Chabad of Midtown Manhattan, the acquisition of a 12-storey building in the area of ??$ 42 million.
According to the website of the Hasidic movement, the building is located in the heart of New York 509 Fifth Avenue, and measures 60,000 square meters.
Chabad of Midtown Manhattan has occupied the building for 16 years. Its landmark location on the second floor of the Fifth Avenue and 42nd Street, the movement currently operates a synagogue, a community center and a range of programs. It is mainly famous for the production of a number of top businessmen who have made donations and provided loans for the purchase of the building.
Chabad emissaries Rabbi Joshua Metzger and Bracha, hire more stories in the building business, to finance the costs of acquisition and maintenance.
Chabad of Midtown Manhattan yeshiva currently has 13 students.
The real estate transaction is particularly surprising, as members of the Chabad are known to remain in humble places and live donations and teaching Torah in the municipalities.
There are some 4,000 Chabad centers worldwide assets but not yet purchased a large building.