47.8 F
New York
Thursday, March 28, 2024

ZOA Headquarters on Selling Block for Near $80M

Related Articles

-Advertisement-

Must read

From left: ZOA head quarter at 4 East 34th Street in New York City; David Eyzenberg and Jon Epstein. (Photo from The Real Deal)

The Real Deal reports that Leo Tsimmer’s Caerus Group has recently signed a contract to purchase the six-story building located at 4 East 34th Street from the Zionist Organization of America. Tsimmer is famed for being an active participant in earlier real estate booms and developing projects like the Highline 519 in Chelsea. According to inside sources, he plans to complete the building sale and the other development rights for an estimated $70 to $80 million.

According to a principal at commercial brokerage Avison Young, David Eyzenberg, who is advising Caerus along with colleague Jon Epstein, this deal will provide Caerus with power over approximately 100,000 square feet of development rights in the immediate vicinity of the Empire State Building.

In the deal, the Zionist Organization is being represented by the CBRE’s Edward Midgley, Daniel Kaplan and Michael Kadosh.

Eyzenberg revealed that the previously co-founder of the development firm Sleepy Hudsin, Tsimmer, is expected to construct a residential condominium building with retail stores on the ground level.

After repeated attempts to contact with representatives for Caerus Group, CBRE, and the Zionist Organization, The Jewish Voice received no response, with the exception of Irwin Hochberg, vice-chairman of the board of the Zionist Organization of America. The secretary of Hochberg, CPA, who is a co-founder and president of the accounting firm, Bloom Hochberg & Co., got back to us and said that Mr. Hochberg had no comment on the matter.

In February, early this year, the Zionist Organization placed its New York City headquarters on the market with a price tag over $40 million, as reported by TRD. The 29,162-square-foot marketed building had the possibility of 52,300 buildable square feet in total. The deal in contract includes an additional amount of development rights that would bring the site to 100,000 square feet or more.

balance of natureDonate

Latest article

- Advertisement -