143 Lake Street lands $30M

Overview

On July 27, 2026, Magen David Yeshivah closed a $30 million construction loan with BankUnited, N.A., secured by 143 Lake Street in Gravesend and recorded July 31, 2026. The same loan also mortgages the yeshivah's adjacent elementary school property at 2130 McDonald Avenue. Commercial Observer reported the financing days before it closed, noting the loan required approval from the New York State Attorney General's office -- standard for a transaction involving a religious nonprofit's real property.

The loan funds continued construction of a new, roughly 81,000-square-foot Sephardic high school building, three stories facing Lake Street and seven stories facing McDonald Avenue, with capacity for about 1,600 students. The project's total cost is reported at $50 million; the new $30 million loan plus the yeshivah's own funds and the proceeds of a separate sale (below) make up the balance. Completion is targeted for January 2027.

Magen David Yeshivah, founded in 1946, operates multiple day schools in Brooklyn's Gravesend and Midwood neighborhoods. Jeff Sutton, a prominent Manhattan and Brooklyn retail landlord, sits on the yeshivah's board of trustees and has been directly involved in financing this project: The Real Deal reported in June 2023 that Sutton helped arrange the yeshivah's $13.8 million purchase of three McDonald Avenue properties (1905, 1911, and 1915 McDonald Avenue) to assemble the new high school's site. Separately, in 2024, Magen David sold its former high school building at 7801 Bay Parkway to Success Academy Charter Schools for $37.2 million, according to PincusCo and The Real Deal -- proceeds that help fund the new building's construction.

Gravesend is a longtime home base for Sutton and other Syrian Jewish families who built fortunes in New York's retail and garment industries, per The Real Deal's reporting, and the neighborhood's yeshivot are a recurring source of major local construction and real estate activity.

A $30 million construction loan, approved by the state Attorney General's office, confirms active financing behind one of Gravesend's largest current institutional construction projects -- an 81,000-square-foot, 1,600-student high school partly funded by the $37.2 million sale of the yeshivah's former building to Success Academy.

Parties Involved 2 recorded

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Property & Project