Congregation Shaare Zion pays $4.8M for 2-family in Gravesend, 4th purchase on block

Congregation Shaare Zion paid $4.8 million for a two-family building (B1) at 2040 Ocean Parkway in Gravesend, Brooklyn. This is the congregation’s fourth purchase on the block, starting in November 2022. The four newly-purchased properties they own are separated by a residential property they do not own, according to a review of city records. The congregation’s temple lies just to the north of 2040 Ocean Parkway. Shaare Zion is a leading temple for the Sephardic Syrian community in New York, according to its website.

The deal closed on February 22, 2024 and was recorded on February 27, 2024. The property has 2,736 square feet of built space and 2,020 square feet of additional air rights for a total buildable of 4,765 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,736 and the price per buildable square foot is $996 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 Ralph Shweky was Ralph Shweky. The signatory for Shaare Zion Congregation was Saul Mishaan. The contract date was November 17, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Shaare Zion Congregation purchased three properties in three transactions for a total of $14.4 million and has no record it sold any properties over the past 24 months.
The seller Ralph Shweky had not purchased any other properties and had not sold any properties over the same time period.

The property

The 2-family building in Gravesend has 2,736 square feet of built space and 2,020 square feet of additional air rights for a total buildable of 4,765 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 130 feet deep with a total lot size of 3,812 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 $3.1 million.

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 block

On this tax block, PincusCo has identified the owners of one of the six 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 21,057 square feet. The largest is a one-unit, 6,980 square-foot residential (R-3) building submitted 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 residential (R-3) building submitted 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.

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