Monday’s vote was the result of intense efforts over the past year by the UJC Lease Task Force. The Lease Task Force engaged an expert real estate broker, Newmark Knight & Frank, and a premier architect, Perkins & Eastman, to evaluate opportunities and help develop recommendations. UJC’s current lease expires in less than five years with no renewal option.
Recently, UJC was presented with a unique opportunity that takes advantage of several coalescing factors that offered a move to a great downtown New York location that would meet our needs for the long-term. Specifically, UJC was presented with a very favorable 20-year rental option at 25 Broadway. The building is a landmark-designated building in lower Manhattan with good access to public transportation, restaurants and parks. The Lease Task Force held a series of meetings and certain members conducted site visits to ensure full due diligence. The Lease Task Force was able to negotiate a very favorable deal with UJC’s current and future landlords, and that package was unanimously endorsed by the Executive Committee last week.
The Board’s vote reinforces its confidence in UJC’s future. “We believe that this is a step forward that takes into account the needs of UJC and its staff, the wishes of the federations, and the realities of the marketplace,” said Michael Lebovitz, secretary of UJC’s Board of Trustees, who chaired the Lease Task Force.
On behalf of the Board, it is important to mention our sincerest gratitude to each member of the Lease Task Force for their immense effort: Michael Lebovitz (Chair), Roger Einiger, Michael Gelman, Charles Goodman, Kathy Manning, Albert Ratner, Irv Rosenthal, Harvey Schulweis, Susie Stern, and staffed by Sam Astrof.
The Lease Task Force will continue to oversee the move through completion. The planned UJC move date is by year’s end.