GW Equities in contract to pay $4.7M for Greenpoint church

129 Russell Street (Credit - Google)

129 Russell Street (Credit - Google)

Abe Garbo of GW Equities signed a contract to buy a church building at 129 Russell Street in Greenpoint, Brooklyn from the Evangelical Lutheran Church in America. The contract was signed November 22, 2022, and the closing date is dependent on court approval. The agreement was disclosed in a petition the church made to obtain the court’s consent to sell the property, which is required for the sale of substantial holdings of a nonprofit. LINK

The church is the now-defunct English Evangelical Lutheran Church of the Messiah of Brooklyn, and faces the large Monsignor McGolrick Park.

The church has 5,400 square feet of built space and 6,598 square feet of additional air rights for a total buildable of 11,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 100 feet deep with a total lot size of 5,999 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $847,000. The broker was Meylin Maldonado of Compass.

Direct link to the property’s ACRIS page and link to DOB NOW portal.

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