Madison Torah Center pays $5M for building in Sheepshead Bay

Madison Torah Center through the entity Madison Torah Center Congregation paid $5 million to the entity 2221 Ave R Holdings LLC for the religious building (W2) at 2221 Avenue R in Sheepshead Bay, Brooklyn. The expected use is owner-occupied.
The deal closed on October 27, 2025 and was recorded on November 26, 2025. The property has 16,140 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $309 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 September 30, 2024, for $5.5 million. The signatory for the buyer was Chana Farkas. The signatory for Madison Torah Center was Amos Gevili . The contract date was March 18, 2025. Amos Gevili is president of the Madison Torah Center.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Madison Torah Center had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jeffrey Zwick & Associates Registered purchased one property in one transaction for a total of $23.2 million and had not sold any properties over the same time period.

The property

The specialty building in Sheepshead Bay has 16,140 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 145 feet deep with a total lot size of 14,500 square feet. The lot is irregular. The zoning is R3-2 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 $1.6 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received two DOB violations and $1,350 in OATH penalties 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 Sheepshead Bay, The bulk, or 43 percent of the 26.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Sheepshead Bay has 1.6 times the average sales volume among other neighborhoods with $488.6 million in sales volume in the last two years and is the 14th highest in Brooklyn. For development, Sheepshead Bay has had very little major development activity relative to other neighborhoods.It had 748,512 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

On this tax block, PincusCo has identified the owners of one of the three commercial properties representing 16,140 square feet of the 32,912 square feet. The identified owner is Congregation Beth Bracha And Yackob.
On the tax block, there was one new building construction project filed totaling 399 square feet. It is a 399 square-foot utility and miscellaneous (U) building submitted by Bobby Ashkenazi with plans filed June 8, 2016 and it has not been permitted yet.

The majority, or 94 percent of the 32,912 square feet of built space are specialty buildings, with mixed-use buildings next occupying 6 percent of the space.

The seller

The PincusCo database currently indicates that Jeffrey Zwick & Associates Registered owned at least four commercial properties in New York City with 175,541 square feet and a city-determined market value of $22.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 100 percent of the 175,541 square feet of built space are hotel properties, with development properties next occupying 0 percent of the space. The bulk, or 54 percent of the built space, is in Brooklyn, with Queens next at 46 percent of the space.

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