Nadav Hamo signs contract to pay $5.6M for Prospect Park church

Nadav Hamo of NYC Prime Properties LLC through the entity 515 Dean Street Group LLC signed a contract on February 12, 2024, to pay $5.6 million to the Temple of Restoration, an international congregation based in Brooklyn, for the church building at 515 Dean Street in Prospect Park, Brooklyn.
Hamo is also affiliated with the firm Urban View Development Group. The filing does not indicate Hamo’s plans for the building. He is an experienced condominium and rental building developer.
The contract was disclosed in a document filed by New York State Attorney General and dated July 24, 2024, approving the sale. The approval is a required step for most nonprofits and religious organizations when they sell significant assets.
The church plans to use the proceeds to pay down most of a $6.5 million mortgage secured by its larger church, called The Cathedral, at 490 Pacific Street, and adjacent parcels.

The property

The property in Prospect Heights has 8,400 square feet of built space and 4,817 square feet of additional air rights for a total buildable of 13,198 square feet according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 110 feet deep with a total lot size of 6,599 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 $636,000.

Development

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Prospect Heights, The bulk, or 49 percent of the 7 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Prospect Heights has near average sales volume among other neighborhoods with $202.5 million in sales volume in the last two years and is the 28th highest in Brooklyn. For development, Prospect Heights has near average amount of major developments among other neighborhoods and is the 23rd highest in Brooklyn. It had 643,533 square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 10 commercial properties representing 392,641 square feet of the 505,965 square feet. The largest owner is Brodsky Organization, followed by Joseph Banda and then Vernetta Nelson. On the tax block, there was one new building construction project filed totaling 370,789 square feet. It is a 316-unit, 370,789 square-foot residential (R-2) building submitted by Brodsky Organization and filed by Jon Adamski with plans filed September 18, 2015 and permitted December 2, 2015.

The surrounding

This is the first commercial real estate event of interest identified within the 400-foot radius of 515 Dean Street in the past 24 months.

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