Prominent Syrian Jewish synagogue pays $4.8M for second recent purchase on block in Gravesend

The influential Congregation Shaare Zion paid $4.8 million to Harry Adjmi through the entity 2050 Ocean Acquisition LLC for the two-family building (B1) at 2050 Ocean Parkway in Gravesend, Brooklyn. This is the congregation’s second purchase on the block in six months. In November 2022, the congregation paid $4.7 million for the adjacent property 2054 Ocean Parkway.

Congregation Shaare Zion has a large synagogue at 2030 Ocean Parkway a few doors down from the newest purchases, and the congregation’s website says it is the largest Syrian Jewish synagogue in Brooklyn.

The recent deal closed on March 23, 2023 and was recorded on March 31, 2023. The property has 2,736 square feet of built space and 1,487 square feet of additional air rights for a total buildable of 4,225 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,736 and the price per buildable square foot is $1,124 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 November 3, 2006, for $2.6 million. The signatory for Harry Adjmi was Harry Adjmi. The contract date was March 15, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shaare Zion Congregation purchased one property in one transaction for a total of $4.7 million and has no record it sold any properties over the past 24 months.
The seller Harry Adjmi had not purchased any other properties and had not sold any properties over the same time period.

The property

The 2050 Ocean Parkway parcel has frontage of 26 feet and is 130 feet deep with a total lot size of 3,380 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.4 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received 15 DOB violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of one of the seven commercial properties representing zero square feet of the 8,500 square feet.
On the tax block, there were seven new building construction projects totaling 26,794 square feet. The largest is a one-unit, 6,980-square-foot R-3 building with plans filed January 19, 2017 and permitted December 27, 2018. The second largest is a one-unit, 6,484-square-foot R-3 building with plans filed April 12, 2017 and it has not been permitted yet.

The buyer

The PincusCo database currently indicates that the Congregation Shaare Zion owned at least two commercial properties in New York City with 38,000 square feet. They are located in Brooklyn.

Direct link to Acris document. link