Cheskie Weisz Acquires Development Site In Long Island City, Queens For $30M
LEASED
New York
See Similar DealsDevelopment Site65,000 SF
Leased 09/13/2020
LEASED
Cheskie Weisz Acquires Development Site In Long Island City, Queens For $30M
26-04 Jackson Avenue, Long Island City, NY 11101, USA
See Similar DealsDevelopment Site65,000 SF
Leased 09/13/2020
Summary
NEW YORK
Asset Type:Development Site
Total Square Footage:65,000 SF
Transaction Type:Lease
Located in Long Island City, Queens, a ground lease for a development site at 26-04 & 26-08 Jackson Ave has been closed. The ground lease was signed on September 13, 2020. The asset is zoned for M1-5/R9 with a building square footage (BSF) of 65,000. The lot size measures 74.75 ft x 100 ft. The terms of the ground lease are for a duration of 99 years.
Summary of transaction details
- Property Type: Development site
- Sale Price: $30,000,000
- Address: 26-04 & 26-08 Jackson Ave, Long Island City, Queens
- Market: Long Island City, Queens
- BSF: 65,000
- Lot Size: 74.75 ft x 100 ft
- Zoning: M1-5/R9
- Terms: 99 Year Ground Lease
On the lessee side, Cheskie Weisz from CW Realty has entered into the ground lease agreement. The lessor in this transaction is the Jadidian Family. The broker representing the deal is Jacob Savitt from L2 Capital Advisors.
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$3,725,760.78
Total Lease Value
$37,257,607.76
Net Landlord Cash Flow$3,725,760.78
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