Satmar Announces Contract to Purchase Iconic Torah Temimah Bais Medrash Building

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At a dinner to benefit Mosdos Satmar in Boro Park held last night, attendees were informed that the Satmar kehillah led by Rav Zalman Leib Teitelbaum has formally entered into contract to purchase the iconic Yeshiva Torah Temimah building in Kensington for use by the Satmar Talmud Torah.

After the installation of a new board at Torah Temimah just five years ago, the administration of the Yeshiva Gedolah and its affiliated real estate has been under the auspices of the family of the late rosh hayeshiva, Rav Lipa Margulies zt”l. The Bais Medrash/Yeshiva Gedolah program then relocated to Staten Island, while Satmar leased the site at the corner of Ditmas Avenue and Ocean Parkway. The original 555 Torah Temimah building currently houses the preschool thru mesivta and is flourishing under an invigorated leadership and hanhala.

Now, Satmar has formally announced that it is under contract to purchase that building for an estimated $20 million.

The five-story building was in immaculate condition when Satmar began its lease several years ago, housing a beautiful large bais medrash, two auxiliary botei medrash, classrooms, and more, with a spacious dining room and the basement level.

Providing Satmar with the seed money for the building purchase is Reb Lipa Friedman, a son of the famed Satmar gabbai Reb Moshe Friedman. The building will thus be renamed “The Lipa Friedman Building.”

{Matzav.com}


9 COMMENTS

  1. “Now, Satmar has formally announced that it is under contract to purchase that building for an estimated $20 million.”

    How does that work? Can one “sell” a non profit building/enterprise? Who exactly gets the money? Is there tax?

    • I’m no lawyer but as far as I know a non profit can sell their assets with the money remaining in the non profit.

      It becomes an issue if the non profit closes down and the money can potentially end in private pockets. Under such circumstances the sale and liquidation would need approval from various state oversight boards.

    • Of course a non-for-profit can sell something. Non-for-profit buy and sell all the time. It needs to be done legally. Stay out of what you know nothing about.

      • “Stay out of what you know nothing about.”

        On a newsblog? Are you kidding? The whole point is to blabber endlessly on topics of which the speaker is completely ignorant. At no additional charge.

        Case in point.

  2. Of course a NFP can sell real estate. It might require Attorney General of NY approval, but why would they not be able to sell?!?!?!?

    The NFP gets the money to use for their charitable endeavors.

    Transfer tax -in NYS- Yes. Capital gains – no – NFP

    • Typically in NYS you would require AG approval.
      Depending on your connections it can take months or years to obtain approval.
      In the event that a non profit is liquidating, they can submit to the AG for approval of their transfer to a similar entity or liquidation to satisfy debts.
      NYS has some of the most onerous regulations in this field

  3. Dear Layman –

    Yes, exactly, just like non profit can enter into a contract with teachers, doctors and food vendors, and charge tuition, a nonprofit doesn’t just hand over services or buildings, but uses money to monetize and trade to further its non profit goals.
    According to legal understanding, a nonprofit is actually a business in the interest of the public good, and must run the business with the public good in mind, effectively and efficiently.

    • No need to consider closing comments.

      Nobody left any negative comments. One idiot thought that a non profit can never sell any of its assets and asked how this works.

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