Hadassah, the Women’s Zionist Organization of America, has sold its New York headquarters for $71.5 million.
Hadassah’s board of directors approved the sale of its midtown Manhattan building on May 1, and a contract was signed a month later. The organization’s members will be asked to approve the sale at a special meeting in Dallas on July 17, according to a statement it released.
The agreement gives Hadassah the right to use the building for up to three years.
“Hadassah is thrilled with the opportunity presented by this potential sale, which coincides with our 100th anniversary in 2012,” the organization’s president, Marcie Natan, said in a statement. “These exciting steps forward will allow us to find new, modern, and upgraded space that will better serve our more than 330,000 members as we venture into our second century.”
Natan said that over the last nine months, Hadassah’s leaders has been involved in developing a strategic plan.
“Decisions regarding the allocation of funds will be addressed once the strategic plan has been finalized by the organization,” she said.
In late 2010, Hadassah agreed to return $45 million of the money it made in the Bernard Madoff scam. In early 2009, the organization laid off about a quarter of its national staff.
JTA Wire Service