Church of St. Mark sells school building in Crown Heights for $5M

Sholom Minkowicz and Chana Minkowitz through paid $5 million to Church of St. Mark for the school building (W9) at 1337 President Street in Crown Heights, Brooklyn.
The deal closed on February 6, 2025 and was recorded on February 13, 2025. The property has 5,160 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $968 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on November 9, 2007, for $2 million. The signatory for Church of St. Mark was Kino Germaine Lockheart Vitet. The signatory for Sholom Minkowicz and Chana Minkowitz was Sholom Minkowicz and Chana Minkowitz. The contract date was June 27, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sholom Minkowicz had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Church of St. Mark had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Crown Heights has 5,160 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 120 feet deep with a total lot size of 9,044 square feet. The zoning is R2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $783,000.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $5 million judgment concerning a leave to sell filed on November 3, 2024, by Church of St. Mark against Sholom Minkowicz and Chana Minkowicz. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Crown Heights, The bulk, or 39 percent of the 46.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 36 percent of the space. In sales, Crown Heights has 2.1 times the average sales volume among other neighborhoods with $549.5 million in sales volume in the last two years and is the 9th highest in Brooklyn. For development, Crown Heights has 1.4 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Brooklyn. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 36,259 square feet of built space are mixed-use buildings, with specialty buildings next occupying 14 percent of the space.

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