Camber Property Group Obtains $75M Development Deal For Affordable Housing At 1601 Dekalb Avenue In Bushwick, Brooklyn
LEASED
$20
New York
See Similar DealsDevelopment Site25,000 SF
Leased 12/22/2023
LEASED
Camber Property Group Obtains $75M Development Deal For Affordable Housing At 1601 Dekalb Avenue In Bushwick, Brooklyn
1601 Dekalb Avenue
See Similar DealsDevelopment Site25,000 SF
Leased 12/22/2023
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$20
Total Square Footage:25,000 SF
Transaction Type:Lease
A new affordable housing project is set to be developed at 1601 Dekalb Avenue in Bushwick, Brooklyn. The property, a development site with 25,000 square feet of space, has been leased to Camber Property Group for the development of 127 affordable apartments. The lease term is for 99 years. The asking rent for the space is $20 per square foot.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $75 million
- Units: 127
- Tenant: Camber Property Group
- Attorney: Gary Rosen, Esq. - Rosen Law LLC
Represented by Gary Rosen of Rosen Law LLC, the landlord, Two Guys From Glendale Inc., successfully negotiated the 99 year ground lease with Camber Property Group. This is a significant achievement for both parties involved in the deal.
Details
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$573,193.97
Total Lease Value
$5,731,939.66
Net Landlord Cash Flow$573,193.97
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