Polish Group Sells NY Properties with Polonia Roots

The translation below has been incorporated with some additional reporting, separate from the original article that appeared in Nowy Dziennik.

115 Noble Street in Greenpoint is one of two properties set to be sold off (Photo via Google)

155 Noble Street in Greenpoint is one of two NY properties set to be sold off by the Polish National Alliance. (Photo via Google)

The Polish National Alliance (PNA), one of the oldest U.S. Polish fraternal organizations with headquarters in Chicago, is selling two buildings it owns in New York that hold connections to the Polonia, including its former office in Greenpoint, Brooklyn.

The mixed-use Greenpoint building, located at 155 Noble Street, is listed for $4.75 million on the Massey Knakal Realty Services website. It was put on the market a couple of months ago and is now under negotiation with a potential buyer, James Gura, CFO of the PNA told Nowy Dziennik.

Founded in 1880, PNA is a fraternal insurance benefit society with total assets of $304 million.

Only a couple of days ago, PNA listed its other real estate asset in New York, a townhouse at 180 Second Avenue between East 11th and 12th Streets in the East Village in Manhattan, which has been rented by the Józef Pilsudski Institute of America for the last 20 years.

“It is hard to say how fast we will be able to sell the building. I understand it is a hot market and I don’t think that we will have any trouble selling it,” said Gura, predicting that the PNA would be able to find a buyer in 6-12 months.

Why has the PNA decided to sell its New York real estate portfolio? “We are not in the real estate management business. We like to maximize our investments and invest the proceeds from the sale of the buildings into other securities. We decided it was in our best interest to sell the building now,” the CFO explained.

The Pilsudski Institute has a lease signed up through April 2015. Asked what is going to happen with the Institute once the building is sold, Gura said it was too early to talk about the terms of the transaction. The Institute’s representatives refused to comment on the sale.

News of the planned sale of the building came a few days before the celebration of the 70th anniversary of the Institute, which was held at the Consulate General of Poland in New York last Friday.

The Pilsudski Institute was established in 1943 and has the largest Polish archives in the United States. Its library consists of over 20,000 books, including rare works published by Polish immigrants outside of Poland. The Institute’s archives also contain over 20,000 photographs of historical figures and important historical events, as well as medals, historical memorabilia and a gallery of paintings, according to the Institute’s website: www.pilsudski.org

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