Yehoshua Fruchthandler inks 99-year lease on site purchased from Jehovah’s Witnesses

Developer Yehoshua Fruchthandler, who owns two adjacent sites in Crown Heights, signed a 99-year lease for 1128 St. Johns Place. Fruchthandler entities control both the landlord and tenant sides of the deal. His entity acquired 1128 St. Johns April 4, 2019 from Jehovah’s Witnesses for $2.45 million.

Fruchthandler’s FBE Limited through its entity St. Johns Place Partners LLC for 1 parcel, including the tax class church, synagogue, chapel (M1) at 1128 St Johns Place in Crown Heights. The memorandum was signed on September 03, 2019 and was recorded on September 06, 2019
The property contains a total of 3,966 square feet of built space. The property has 6,727 square feet of available development rights.
The last time the property sold was April 05, 2019, for $2,450,000, when Jehovah’s Witnesses sold the parcel to FBE Limited. FBE purchased the adjacent property at 1120 St. Johns Place in February 2019 for $9 million and in May took out a $7.6 million loan from Israel Discount Bank that covers both properties.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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