Sam Teitelbaum & Zisha Twersky Acquire Ground Lease In Astoria For $14.4M

The ground lease transaction for a development site in Astoria, located at 31-61 Vernon Boulevard, 1111 Broadway, and 1124 31st Dr, was recently closed for a price of $14,400,000. The annual ground lease payment is $720,000, resulting in a cap rate of 5%. The site has a buildable square footage (BSF) of 63,390, giving it a price per buildable square foot (PPBSF) of $227, or $11.3 annually.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $14,400,000
• Market: Astoria
• ADDRESS: 31-61 Vernon Boulevard, 1111 Broadway, 1124 31st Dr
• BSF: 63,390
• PPBSF: $227 ($11.3 Annually)
• Cap Rate: 5%

The ground lease was sold by Antonios and Nick Fiorentinos, representing the Fiorentinos Family. The buyers, Sam Teitelbaum and Zisha Twersky, acquired the leasehold. The transaction was facilitated by Jacob Savitt and Antoine Jordan from Puzzle Equity Solutions.

Notably, Puzzle Equity Solutions, the brokerage firm, was launched in 2018.