Chabad of Midtown Manhattan has closed on its purchase of 509 Fifth Ave. for just under $40 million, sources said.
The 60,000-square-foot building sandwiched mid-block between E. 42nd and 43rd streets near Grand Central was purchased from Norman Sturner’s Murray Hill Properties after being marketed by Peter Hauspurg and Brian Ezratty at Eastern Consolidated.
Rabbi Joshua Metzger, who leads the local congregation that now uses two floors in the building, said he intends to use it all for a synagogue and community center that provides educational and charitable programs for the community at large.
The lease for nine upper floors with Israeli Discount Bank ends soon and so the Chabad will be able to use that space.
This is the largest purchase ever by the Chabad organization, according to reports.
The ground floor retail space is now occupied by Steve Madden.
“Everyone was a gentleman and worked hard to get this done,” Ezratty said.