The Jewish Theological Seminary has just announced that the institution has already sold their real estate assets, worth $96 million. The proceeds of the sales will be used to upgrade their New York establishment.
As it turns out, the Jewish Theologial Seminary is gearing up for big things ahead, thanks to the sale of its real estate assets. The campus is definitely slated to get a huge overhaul, as JTA reports:
"The seminary said Monday that it sold a parcel of land at the eastern end of its campus at 3080 Broadway in Manhattan, limited rights to develop that land and an off-campus residence hall to the New York real estate investment firm Savanna. With the proceeds, the seminary said it plans to build a state-of-the-art library, auditorium and conference facilities, and a new 150-bed residence hall at its main campus."
"Our new campus will facilitate a deeper collaboration with our neighbors, our city, and with individuals and communities around the world," said Chancellor Arnold Eisen in a statement.
He continued, "It will provide multiple new opportunities for dialogue around the most critical issues of our time. This is the beginning of a new chapter in our long history as a world class educational institution, dedicated to training the leaders of tomorrow."
Founded in 1886, the seminary is considered as "the flagship institution of the Conservative movement." The institution first announced plans to sell some of their assets a year ago, an effort to finance some redevelopment plans for their Morningside Heights campus - neighboring Harlem and the Upper West Side.
In an interview with the publication, Eisen clarified that the real estate sale was not directly linked to the financial challenges the institution was faced with years ago.
Back then, the seminary had to undergo several layoffs, as well as the abolishment of the position of cantorial school dean. In fact, Eisen even had to take a 10 percent pay cut.