|
SPECIAL UPDATE—APRIL 29, 2025
Re: Important Update on Sale of Building
Dear Friends,
As we have reported in our previous updates, work on all three prongs of the Vivid Vision for Temple Beth-El are moving forward concurrently. Our last update focused on developments in our relationship with Temple Tikvah. Today, we write to share that this past Sunday the Temple Beth-El Board of Trustees had a special meeting and reached an important milestone in the effort to provide financial stability for our congregation into the future.
We will now work on having draft documents prepared to bring us closer to having a recommendation to put before the congregation, as of course, it must approve any sale of TBE’s land and building.
1. Where Have We Been?
This leadership team has been consistent and clear that a key element of any plan for financial sustainability must include “rightsizing” our physical space. We simply do not need—and cannot afford—our current building. We have shared that the most promising approach is to sell our building and lease back the space we actually need. That will allow us to realize our vision for pluralistic Jewish life in northwestern Nassau and eastern Queens, while meeting our financial needs.
Please click here for a helpful summary of our communications with the congregation concerning a potential sale of our building.
2. How did we reach this moment?
After months of close cooperation with our real estate advisors, this week the Board of Trustees reviewed the best offers we received.
We narrowed the possible partners down from the approximately 30 organizations who looked at the building to some 10 who expressed significant interest. From there, we reduced the list further, bringing the Board the two best offers we received.
In making that assessment, we looked at a wide array of factors, including purchase price, what space would be available for us to “lease back,” and which potential partner would be the best match for TBE (since we will need to work together closely). Ultimately and most importantly, the assessment process was done to identify the choice that is in the best interest of Temple Beth-El.
At its meeting on Sunday night, April 27, 2025, the Board of Trustees unanimously voted to move forward on final negotiations with Yeshivat Kol Yaakov, which primarily serves the Sephardic community. Many of you are familiar with Kol Yaakov, which has been a long term tenant of our school space and with whom we have an excellent working relationship.
Of course, a real estate agreement is never done until it’s finalized and signed. Although we know you are interested, we are not yet able to share many of the details while negotiations are ongoing. We are confident that this step will proceed smoothly and on schedule.
3. What Comes Next?
We will now enter into detailed negotiations with Yeshivat Kol Yaakov. What will that process look like? Although the timeline is, and will remain, fluid, here is what we anticipate:
-
April 2025: Negotiations of drafts of the operative agreements with Kol Yaakov begin.
-
August/September 2025: Sale and lease back terms are finalized. The Board would then approve the key terms of these agreements, voting to bring them to the membership of the congregation for consideration.
-
September/October 2025: Special meeting of the congregation to review the key elements of these agreements. At this meeting, the membership will make the decision whether to move forward with the terms of the sale and leaseback.
- After the congregation makes its decision and if the vote is in favor of moving forward, these agreements will need to be finalized, signed, and will then go through a state law regulated process, concluding with seeking to obtain the approval of the New York State Attorney General. This is estimated to take about six months.
- That would put closing on the sale (if that is what the congregation votes to do) sometime in the Spring of 2026.
▪ ▪ ▪
We recognize the enormity of this moment and the important steps we are taking toward a strong future together. As we reach our new fiscal year, we can say with certainty that we are moving forward with great hope for the future of Temple Beth-El.
If you have questions, please feel free to reach out to Jordana Levine, Gary Slobin, Stu Botwinick or Rabbi Stoller. Contact them through Stu Botwinick at sbotwinick@tbegreatneck.org or 516-487-0900, ext. 107.
We thank you for being a part of our Temple Beth-El of Great Neck family.
| 
