Rabsky Group Secures 99-Year Ground Lease For Development Site At 103 Empire Boulevard In Crown Heights

DJ Johnston of B6 Real Estate has successfully negotiated a 99-year ground lease for the development site located at 103 Empire Boulevard in Crown Heights. The lessor, Albert Chang, granted a base rent of $470,000 per year, after concessions, resulting in a rate of $9.50 per buildable square foot (BSF). The project will include 30,000 square feet of commercial space and an additional 18,000 square feet of residential space.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: Ground lease
• Address: 103 Empire Boulevard, Crown Heights
• Market: Crown Heights
• Lessee/Developer: Rabsky Group
• Lessor: Albert Chang
• Broker: DJ Johnston - B6 Real Estate
• Attorney: Aaron L. Goodman
• Annual Rent: $470,000
• Buildable Square Footage (BSF): 49,600
• Price per BSF: $9.50

Through the negotiations led by DJ Johnston of B6 Real Estate, Rabsky Group secured a long-term ground lease for the development site at 103 Empire Boulevard. The lease agreement with lessor Albert Chang includes an annual base rent of $470,000, after concessions, translating to a rate of $9.50 per buildable square foot. The planned project will encompass 30,000 square feet of commercial space in addition to 18,000 square feet of residential space. Aaron L. Goodman served as the attorney for the transaction.