Shaare Zion Congregation pays $5M for 2-family in Gravesend
Shaare Zion Congregation paid $5 million for the two-unit building (B1) at 2044 Ocean Parkway in Gravesend, Brooklyn.
The deal closed on September 15, 2023 and was recorded on September 22, 2023. 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 $1,818 and the price per buildable square foot is $1,044 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 February 28, 2022, for $4 million. The signatory for Sami Souid was Sami Souid. The signatory for Shaare Zion Congregation was James Tawil. The contract date was April 19, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Shaare Zion Congregation purchased two properties in two transactions for a total of $9.4 million and has no record it sold any properties over the past 24 months.
The seller Sami Souid purchased one property in one transaction for a total of $2.6 million and had not sold any properties over the same time period.
The property
The building with 2 residential units 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 of Issac C Gammal.
On the tax block, there were six new building construction projects totaling 20,862 square feet. The largest is a one-unit, 6,980 square-foot residential (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 residential (R-3) building 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.
The buyer
The PincusCo database currently indicates that Shaare Zion Congregation owned at least two commercial properties with four residential units in New York City with 5,472 square feet and a city-determined market value of $5.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are B1 properties. They are all located in Brooklyn.
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