Perlstein Family Secures 99-Year Ground Lease For Development Site In East Williamsburg Brooklyn

The property asset involved in this transaction is a development site located at 401 Bushwick Avenue, Brooklyn. The site consists of a 14,795 square foot lot with several commercial and mixed-use buildings. The asking rent for this lease is $14 per square foot, implying a land value of $12,000,000, which equates to $270 per buildable square foot. The structure of the lease is a 99-year ground lease.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,000,000
• Asking Rent: $14/ft
• Square Footage: 45,000 BSF
• Lease Term: 99 Years
• Lease Type: Ground Lease
• Landlord: Perlstein Family
• Brokers: Bryan Kirk & DJ Johnston - Matthews

The deal was facilitated by Bryan Kirk and DJ Johnston from Matthews, who represented the landlord in executing this long-term lease at this strategically situated site in East Williamsburg, Brooklyn. The property allows for significant residential building square footage under R6 zoning, indicating strong potential for future development.