Success Academy Buys Yeshiva in Brooklyn for $37.2M
By Mark Hallum June 25, 2024 11:50 am
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Success Academy Charter Schools has purchased a yeshiva in Gravesend, Brooklyn.
The charter purchased 7801 Bay Parkway and the adjacent 7815 Bay Parkway for $37.2 million from Magen David Yeshivah, according to property records. The yeshiva operates a high school out of the property, though it’s unclear if the school is moving or shutting down completely.
Pincus Co. first reported the transaction.
Magen David Yeshivah declined to comment for the story, and Success Academy did not immediately respond to a request for comment.
The yeshiva’s board of trustees includes commercial landlord Jeff Sutton, who made headlines at the end of 2023 when he sold a nuumber of Midtown retail properties to Prada and Kering for $1.8 billion.
The deal coincides with the yeshiva’s plans to build an 81,018-square-foot high school nearby at 370 Quentin Road, but a school official declined to confirm its plans for the students at that location. And in 2023, it paid $13.8 million for three nearby warehouses on McDonald Avenue it wants to demolish to build another school, The Real Deal reported.
Magen David Yeshivah also has an early childhood center and an elementary school at 2130 McDonald Avenue.
Success Academy — founded by Eva Moskowitz — has been growing its operations in 2024 starting with an expansion of its headquarters at 120 Wall Street, also known as 95 Pine Street, from 55,000 square feet in 2021 to a new total of 94,000 square feet in January.
It’s occupied the building since 2013 when it signed a 15-year lease, Commercial Observer previously reported.
Newmark (NMRK)’s Howard Kesseler and Todd Hershman brokered the deal for the yeshiva while KSR’s Ceasar Salama and Izack Lati handled it for the buyer, according to the Instagram page Traded NY. The Newmark and KSR brokers did not immediately respond to requests for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
