Jack Gold’s Seventh Street Development Group signed a contract to pay $5 million for a development site that is portion of a larger tax lot at 397 Marcus Garvey Boulevard in Bedford Stuyvesant, Brooklyn. The contract, which was signed August 16, 2021, was only disclosed yesterday in a filing with New York State Supreme Court. Religious organizations need the approval of the court to sell a substantial portion of their assets. Jack Gold signed the contract using the name Yaakov Gold. LINK
The church, the Glorious Church of God in Christ, will retain the corner portion of the existing tax lot 1, which will be divided into two lots, and the new tax lot 172 will be transferred to Seventh Street Development Group. The church will retail parcel A, and will sell parcel B. Several buildings on the lot will be demolished so those air rights can be transferred to the new development, according to the contract. The contract says the existing building on parcel B will remain. It is likely the project will build on top of that structure with the additional air rights, but the contract does not state that.
At another site in Bedford Stuyvesant, Seventh Street is building a 57-unit, 134,391 square-foot residential (R-2) building. The project was submitted by Seventh Street Development Group and filed by Jack Gold with plans filed November 9, 2021 and permitted January 5, 2023. Invictus Real Estate Partners, Maxim Capital Group and Beach Point Capital Management provided a $62.25 million construction loan earlier this summer.