NYC Prime Properties pays $5.6M for church in Prospect Heights

NYC Prime Properties through the entity 515 Dean Street Group LLC paid $5.6 million to Temple of Restoration through the entity The Temple Of Restoration for the specialty building (M1) at 515 Dean Street in Prospect Heights, Brooklyn. The expected use is conversion or new development.
The deal closed on September 30, 2024 and was recorded on October 18, 2024. The property has 8,400 square feet of built space and 4,818 square feet of additional air rights for a total buildable of 13,200 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $666 and the price per buildable square foot is $424 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 signatory for Temple of Restoration was Dionne Bryce-Wells. The signatory for NYC Prime Properties was Nadav Hamo. The contract date was February 12, 2024. PincusCo reported on this transaction when it went into contract.  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.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer NYC Prime Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Temple of Restoration had not purchased any other properties and had not sold any properties over the same time period.

The property

The specialty building in Prospect Heights has 8,400 square feet of built space and 4,818 square feet of additional air rights for a total buildable of 13,200 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 6,600 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.

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 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 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 had very little sales volume relative to other neighborhoods with $186.4 million in sales volume in the last two years. For development, Prospect Heights has had very little major development activity relative to other neighborhoods.It had 661,199 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 Yosef Emergi.
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 majority, or 90 percent of the 505,965 square feet of built space are elevator buildings, with walkup buildings next occupying 9 percent of the space.

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