Congregation Shaare Zion pays $4.7M for 2-family in Gravesend

UPDATED: Congregation Shaare Zion paid $4.7 million to Kheder Fatiha through the entity 2054 Ocean Parkway LLC for two-family building (B1) at 2054 Ocean Parkway in Gravesend, Brooklyn.
The deal closed on November 23, 2022 and was recorded on December 5, 2022. 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 $1,699 and the price per buildable square foot is $1,100 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 May 28, 2015, for $1.6 million. The signatory for Kheder Fatiha was Jason M. Grunfeld.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Shaare Zion Congregation had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kheder Fatiha had not purchased any other properties and had not sold any properties over the same time period.

The property

The 2054 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 $2.1 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 not received any significant violations in the last year.

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. The identified owner is Charles Gammal.
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 developed by Sion Betesh 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 developed by Ezra Zaafarani with plans filed April 12, 2017 and it has not been permitted yet.

The majority, or 100 percent of the 8,500 square feet of built space are mixed-use buildings, with development buildings next occupying 0 percent of the space.

Correction: A previous version of this post showed the incorrect property. It showed 2050 Ocean Parkway, and that has been corrected to show 2054 Ocean Parkway. 

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