Sephardic Academy Buys $14 Million Upper East Side Building

UPPER EAST SIDE, NY — The Sephardic Academy of Manhattan is buying 150 E. 74th St., located between Third and Lexington avenues, for $14 million, according to public real estate records.

The property was previously owned by an entity known as 150 East 74th Street Co., LLC, which had acquired the land in 1996, according to real estate records. The deal was pioneered by Daniel Levy, a partner at Ashkenazy Acquisition Corporation who has family involvement with the school, the Real Deal first reported. Several prominent members of the Syrian-Jewish community also backed the deal, according to the report.

"It was a collective effort," Levy told the Real Deal, "We all helped the school acquire the building as a future home for its elementary school."

The school bought the new property in order to expand its programming, the Real Deal reported. The school will be able to convert the 11,850-square-foot building into a school or for a nonprofit use and will even have the option of adding 23,000 square feet, according to the report.

The Sephardic Academy of Manhattan is described as "a center of learning, excitement and enjoyment, and embraces the beauty of Sephardic Judaism," on its website. The school currently offers education programs for toddlers, pre-k, kindergarten and first grade.

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