Contemporary Jewish Museum to Sell Its Downtown SF Building

"With an annual operating budget of $7.5 million, the CJM got into major debt during the pandemic, taking out a $28 million loan. In November 2024, the organization announced that the museum would be closing and laying off 80% of its staff, and taking a year-long hiatus to regroup."

"As CJM Director Kerry King tells the Chronicle this week, the museum's board and remaining staff are looking at 'right-sizing' the organization in order to continue its mission of celebrating Jewish culture and the diversity of the Jewish experience."

"King now tells the Chronicle that they have managed to bring down the debt load by about half since that time, to $14 million, and to stabilize the endowment. What comes next is unclear, though the organization plans to resume programming at some point, and to find new space in which to operate."

The Contemporary Jewish Museum, closed for over a year, plans to sell its 63,000 square foot headquarters on Mission Street at Yerba Buena Lane to address severe financial difficulties. Founded in 1984 as a non-collecting institution, the museum expanded into its current space in 2008 with a contemporary addition designed by architect Daniel Libeskind. During the pandemic, the organization accumulated $28 million in debt with a $7.5 million annual operating budget. In November 2024, the museum announced closure and laid off 80% of staff. Director Kerry King reports the organization has since reduced debt to $14 million and stabilized its endowment. The museum plans to resume programming and find new operational space, potentially through a lease-back arrangement with a future building owner.

Read at sfist.com