Rabbi’s son wants to bring $48M condo project to site of Harlem church

Levi Balkany is the son of disgraced Brooklyn rabbi Milton Balkany

Apr.April 12, 2017 12:00 PM

Developer Levi Balkany, son of disgraced Brooklyn Rabbi Milton Balkany, wants to replace a Central Harlem church with a 46-unit condominium building.

Balkany submitted an offering plan for the project at 308 West 133rd Street to the New York state Attorney General’s office with a total projected sellout price of $47.5 million, records show.

The site was formerly home to the Morning Star Pentecostal Chapel, which had been issued several vacate orders for structural problems with its building.

Balkany could not immediately be reached for comment.

The developer’s father was previously sentenced to four years in prison for his role in a federal insider-trading scandal, which saw him try to con hedge fund mogul Steve Cohen into “donating” $4 million to a couple of Jewish day schools in exchange for protection from the investigation.

Balkany is not new to the condo business.

He previously held the note on Caton on the Park, a long-stalled condominium development site in Brooklyn’s Kensington neighborhood, which was sold in a foreclosure auction. He also recently filed plans to build a 37-unit residential building at the site of a Key Food at 801 Washington Avenue in Crown Heights.

Meanwhile, Harlem’s condo market appears to be heating up, with East Harlem in particular seeing a jump in the number of units in its pipeline.

Tahl Propp Equities recently filed a condo conversion plan for a six-story building at 1325 Fifth Avenue, at East 112th Street. The company is planning to convert the property’s 71 rental apartments to 150 condos.

(To see more property developed in Harlem, click here)

Related Articles

133-25 37th Avenue in Flushing

Developer Gary Tsan buys Flushing property for $60M

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

South Carolina town puts moratorium on development (Credit: iStock)

The high cost of low taxes: South Carolina town bans all development for 16 months

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

U.S. Rep. Alexandria Ocasio-Cortez and Sunnyside Yards (inset) (Credit: Getty Images and Wikipedia)

AOC resigns from Queens megadevelopment steering committee