Mastronardi Family Leases Development Site To Joel Weiss For 99-Year Ground Lease In Jamaica

The property asset involved in the transaction is a development site located at 149-01 95th Avenue in Jamaica. The site consists of 55,000 square feet of land with a total buildable square footage of 660,000. The asset will feature 1,000 units of affordable housing developed across ten buildings of 99 units each, as part of a 99-year ground lease agreement. This development is one of the largest contiguous sites resulting from the Jamaica Neighborhood Plan, which has recently rezoned this area and over 200 others in the neighborhood.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: Not disclosed
• Address: 149-01 95th Avenue
• Market: Jamaica
• Landlord: Mastronardi Family
• Tenant: Joel Weiss
• Lease Term: 99 Years
• Lease Type: Ground Lease
• Brokers: DJ Johnston, Eli Roerden & Bobby Lawrence - Matthews

The key individuals involved in this deal include DJ Johnston, Bobby Lawrence, and Eli Roerden, who represented the landlord in the execution of the lease. Together, they have been instrumental in the negotiations surrounding the ground lease structure, having marketed, negotiated, or closed 12 ground leases year-to-date, with over 1 million buildable square feet and a total value exceeding $100 million in Jamaica alone.