The Real Deal New York

Rabbi Pinto’s West Side synagogue site hits the market

Heritage at Trump Place unit owned, listed by Keller Williams New York founder Ilan Bracha
April 01, 2014 03:30PM

The planned home of Rabbi Yishayahu Yosef Pinto’s Shuva Israel West Synagogue is now back on the market for $1.75 million.

Ilan Bracha, founder of Keller Williams New York, has the 240 Riverside Boulevard listing. The 2,786-square-foot space, which includes a private entrance on 72nd Street, was the planned home of Shuva Israel West Synagogue.

B+B Investment Group, an entity co-founded by Bracha and Haim Binstock, bought the ground-floor space for $1.65 million in 2008 and planned to donate it to Rabbi Pinto, according to the New York Observer. But a series of setbacks hindered the plan, such as a condo board judgement against Bracha in Binstock in 2010 for allegedly failing to pay common charges, interest and other fees. Bank of America then initiated $1.2 million in foreclosure proceedings against Bracha, Binstock and Rabbi Pinto in May 2011.

Pinto may soon also lose his East Side synagogue at 122 East 58th Street, as Manhattan-based private equity firm Corigin Real Estate Group filed to foreclose on $20 million in loans on the property last week, as The Real Deal reported. [NYO]Julie Strickland