Hadassah sells N.Y. headquarters for $71.5 million

(JTA) — Hadassah, the Women’s Zionist Organization of America, announced that it has sold its New York headquarters for $71.5 million.

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The sale of the building was approved by Hadassah’s board of directors on May 1, and a contract signed a month later. The organization’s members will be asked to approve the sale at a meeting on July 17 at a special meeting in Dallas, according to a statement released by the organization.
 

The agreement gives Hadassah the right to the use of 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.  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,” Hadassah President Marcie Natan said in a statement.
 

Hadassah leadership has been involved over the past nine months in the development of a strategic plan for its second century, said Natan.

“Decisions regarding the allocation of funds will be addressed once the strategic plan has been finalized by the organization,” she added.
In late 2010, Hadassah agreed to back $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.
 

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