Watermark Capital Acquires Ground Lease In Flushing, Queens For $18M

A ground lease transaction has taken place in Flushing, Queens. The development site located at 138-25 Barclay Avenue was involved in this transaction. The property has a zoning designation of R7-1, making it suitable for development.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $18,000,000
• Address: 138-25 Barclay Avenue
• Market: Flushing, Queens
• Zoning: R7-1

Watermark Capital acquired the property in this ground lease deal. The seller of the property was St. Michaels Catholic Church. The transaction was facilitated by CBRE, with Dan Kaplan, Justin Arzi, and John Reinertsen representing the seller.

The property consists of 42,656 square feet of buildable space, with a price per buildable square foot of $421.