From left: Temple Emanuel of Beverly Hills Executive Director Matt Davidson, Crescent Heights co-founder Russell Galbut; and the property on Burton Way.
Temple Emanuel of Beverly Hills has sold one of its mid-century buildings to Miami-based Crescent Heights, the latest religious institution to unload a property for future development.
Crescent Heights paid Temple Emanuel $27.4 million for the block-wide building at 8844 Burton Way, records show. The underused building, which is 43,700 square feet, most recently functioned as a religious school and event hall.
CBRE marketed the property as a development site eligible for around 42 residential units. The parcel is a little less than two thirds of an acre.
Religious institutions have increasingly been selling some or all of their properties, either to shore up their finances or as a development opportunity. In a written statement, the temple’s executive director, Matt Davidson, confirmed that the temple sold the property but would not divulge the buyer. He added that the temple’s “membership has held steady over the past number of years, and we are starting to see growth in numbers as well.” He also said “Temple Emanuel will continue to serve the Los Angeles Jewish community for decades to come.”
In March, Our Lady of Mt. Lebanon in Beverly Grove filed plans to build a 19-story residential tower on the site of its cathedral. In New York City, the trend has seen religious institutions negotiate deals with developers to build housing on their land.
In Beverly Hills, a project of around 42 units would be a change of pace for Crescent Heights, which built the 24-story Remington condominium complex on Wilshire Boulevard and 40-story Ten Thousand rental tower in Beverly Hills.
Crescent Heights is now pursuing a pair of large projects in Downtown L.A. and in Hollywood — 11th & Olive and Palladium Residences, respectively.
The Miami-based firm is active in its hometown and in other major U.S. cities. It’s led by co-founder Russell Galbut, whom a former Miami Beach mayor described as “a pit bull who hasn’t eaten in a month.”
Crescent Heights purchased the Temple Emanuel property through an entity controlled by its general counsel, Michael Scheitelman. Crescent Heights did not immediately return requests for comment on the purchase.
Powered by WPeMatico