Grace Tabernacle Purchased $3.5 Million Kingsbridge Site

The church secured a permanent Bronx location after operating in temporary rental spaces for a decade.

Updated on Oct. 9, 2026 in Openings & Closings

A medium shot of a classic brick-and-stone religious building facade with an arched entrance, representing a newly acquired permanent community facility. — Grace Tabernacle acquired the former Kingsbridge Center of Israel for $3.5 million, establishing a permanent home in the Bronx after a decade of rotating rentals. AI Illustration. Upload story photo >

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Grace Tabernacle opened a permanent location at 3115 Corlear Avenue following its $3.5 million acquisition of the former Kingsbridge Center of Israel synagogue. The move ends a decade-long period of utilizing various rental spaces for the organization.

Why it matters

Securing a permanent facility provides long-term operational consistency and supports the church's strategic transition toward incorporating English-language services. This shift in physical footprint reflects a broader trend of religious organizations investing in owned real estate to expand their local community reach.

The property was purchased for $3.5 million, supported by a $2.5 million mortgage from the Wesleyan Investment Foundation. The church has currently secured $300,000 of its $600,000 fundraising goal to cover building costs and ongoing operations.

The players

Grace Tabernacle

A religious institution that recently transitioned from a itinerant rental-based model to permanent property ownership.

Wesleyan Investment Foundation

A financial institution specialized in providing mortgage lending and capital services to church organizations.

The details

The church financed the acquisition through a $2.5 million loan from the Wesleyan Investment Foundation, utilizing the property at 3115 Corlear Avenue to stabilize its service schedule. Operations previously relied on rotating through multiple sites, including St. Peter The Apostle Greek Orthodox Church, Bethel Global Methodist Church, and Church of the Mediator. Management now focuses on balancing mortgage obligations with active fundraising efforts to reach the total project goal.

2017 to 2026: The church operated across various temporary rental spaces.
May 2026: The church completed the purchase of the 3115 Corlear Avenue building.
October 4, 2026: The organization held its grand opening ceremony.

Market Landscape

The acquisition of the former Kingsbridge Center of Israel follows a documented trend of religious organizations repurposing existing institutional infrastructure in New York City. This strategy provides established, community-centered locations for growing congregations.

Operators acquiring institutional real estate should prepare for high capital requirements and ongoing fundraising needs to offset large mortgage debt. Monitoring local zoning and building utility costs remains essential when transitioning from short-term rentals to permanent property management.

The takeaway

Securing a permanent site offers operational stability but requires disciplined debt management and sustained capital campaigns. Track your facility's ongoing maintenance costs against your fundraising velocity to ensure long-term liquidity as you scale your service offerings.