SCG Capital Signs 99-Year Ground Lease For $3.5M Development Site With Ronald Maio In Bronx

1712 Jerome Avenue is a development site located in the Mt Hope neighborhood of the Bronx, featuring a total buildable square footage of 40,000. The property has been leased for a total value of $3,500,000. The lease is structured as a ground lease with a term of 99 years.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,500,000
• Lease Type: Ground Lease
• Lease Term: 99-year
• Landlord: Ronald Maio
• Tenant: SCG Capital

SCG Capital has entered into a long-term agreement with Ronald Maio, signing a ground lease for a mixed-use development comprising 73 units at the specified address. This transaction signifies the commitment from both parties towards the development project in a prominent area of the Bronx.