The Wiss Building at 665 Broad St., now in receivership, will be modernized at a cost of $100,000 under a plan approved by Superior Court Judge Nelson K. Mintz.

A real estate syndicate, which includes more than 150 limited partners, will retain ownership of the building, together with two other Broad Street properties in receivership.

The syndicate, Wiss Associates, will seek refinancing for mortgages and the modernization, according to counsel for the partners. Maurice A. Schapira and Samuel S. Saiber.

The syndicate was organized by Mortimer L. Schultz of Plainfield, who has been barred by Judge Mintz from using his powers as general partner in Wiss Associates.

Schultz is free in $25,000 bail pending appeal of his conviction last June 16 of fraud and misuse of funds in three syndicates, including Wiss Associates.

The Wiss Building modernization will include installation of new electrical wiring and elevators, and refurbishing of lobbies and the building entrance.

In authorizing the plan, Judge Mintz rejected a gross bid of $880,489 for sale of the properties at the request of the partners.

Schapira and Saiber maintained that the sale would have resulted in a return of only 25 cents on the dollar and the partners' total investment of about $1.3 million.

The bid by Arnold Kent of Newark, representing a group of investors, was $326,000 over and above mortgages totaling $554,489. James Judge, appraiser, testified on behalf of the partners that the properties had an appraised value of more than $1 million. Morton Howard, Newark realtor, also testified that the interests of the partners would be best served by retaining ownership.

The receivers, Adrian M. Foley Jr. and Frank A. Schlesinger, Newark attorney and realtor respectively, have approved the plan. They also indicated that they will seek a legal determination on what interest Mortimer L. Schultz has in the properties.

The other properties are the Jordan Building at 661 Broad St. and the Newark Drug Store at 673 Broad St.