CBRE brokers Ground Lease Valued at $18M to Watermark Capital

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email
Share on reddit

2-33 50th avenue

The Deal: 138-25 Barclay Avenue, a 42,656 BSF development site located in Flushing, Queens sold for $18 million ($421 PPBSF).  Dan Kaplan, Justin Arzi, and John Reinersten of CBRE brokered the deal.


The Location: The building is located on the lot of 138-25 Barclay Avenue in the Flushing, Queens district.

The Building: The R7-1 zoned, 42,656 BSF development site allows for residential development. The lot size is approximately ~12,400 SF.


Deal History: The development site includes a two (2) story religious facility that will be demolished to make way for the new development, the facility is the former home of St. Michael’s Catholic Church.


The Brokers: Dan Kaplan, Justin Arzi, & John Reinersten of CBRE brokered the sale.


      Recently Featured Deals:


      A $32 million, 52,000 SF mixed-use property located at 248 Bedford Ave. & 195 Berry St.

      A $45 million, 34,000 SF mixed-use property located at 831, 835, 837 Madison Avenue


The Buyer: Watermark Capital Partners, LLC is a leading real estate investment management firm.


      Contact Info:


      Phone: 847-482-8600


      Social: Linkedin


The Seller: The congregation of St. Michael’s Catholic Church sold the property.


      Contact Info:


      Phone: 718-961-0295



The Listing Description: Located at 138-25 Barclay Avenue, this Development Site (Zoning: R7-1) is currently a religious property located in the Flushing neighborhood in Queens, NY. The property was originally built in 1965 and has 2 stories and 1 unit.


Behind The Bricks:


(Credit: St. Michael’s Flushing Website


      StreetEasy: Here

      Instagram Post: Here

      Traded Transaction: Here

      Zola: Here


The Date: February 26th, 2021

Recent Trades Brokered By Daniel Kaplan, Justin Arzi, & John Reinersten

Compare listings