Investmates to buy Williamsburg church parcel for $3.9M, plans new development

Investmates, led by Idan Shitrit and Jacov “Koby” Telyas through the entity Williamsburg on 5th LLC are in contract to pay $3.9 million to the New Beginnings Church of Williamsburg for 199 North 5th Street, according to a petition in Brooklyn State Supreme Court.

“The Developer will be constructing an approximately 11,000 square foot building, on a separate tax lot, of six (6) condominium units, with one (1) studio condominium, one (1) one (1) bedroom condominium, and four (4) two (2) bedroom condominium units. See First Amendment which includes as an exhibit the “Project Budget”, including both the Petitioner’s budget (“Church Budget”) and Developer’s budget.” The Property is the Petitioner’s principal place of worship and the Contract provides for a replacement place of worship, and two (2) residences (one a pastoral home and other for residual income) in a separate building, on a separate tax lot, that the Developer will construct on the Property (“Church Unit” or “Church Building”). The Church Unit will consist of no less than a 4,900 square foot community facility/ residential space, comprised of no less than 3,283 square feet located above grade, no less than 1,614 square feet located below grade (“cellar”), and a developed outdoor area. Such space shall include: Church sanctuary and community facility to be used for Petitioner’s corporate mission, religious worship, teaching, community events, etc. (“Church Sanctuary”); and, a Pastoral residential apartment (“Parsonage”) and one (1) residential apartment(s), to be used either for residual income or for missionaries or religious workers (collectively, “Residential Apartments”). The ceiling heights shall be the following: no less than fourteen (14) feet for the Church Sanctuary; and, no less than ten (10) feet for the two (2) Residential Aparwents and cellar (which includes community space). In addition, Petitioner interviewed no less than four (4) other developers, before choosing the Developer herein. These included The Blake Group LLC, Avo Construction, Largo Development, and Horrigan Development.” LINK

Direct link to Acris document. link