John Mullins & Sons Executes 99-Year Ground Lease At Fulton Street In Fort Greene For $138.6M

A ground lease transaction has been finalized for a prime corner assemblage located at 673, 691, and 695 Fulton Street in Fort Greene, Brooklyn. The deal involves a 99-year ground lease with a total transaction amount of $138,600,000. The site encompasses 18,624 square feet, generating an annual revenue of $1.4 million over the lease term of 99 years.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $138,600,000
• Building Square Footage: 18,624
• Annual Revenue: $1,400,000
• Price per Building Square Foot: $7,442
• Ground Lease Term: 99 years
• Lessor: John Mullins & Sons
• Lessor's Representatives: Thomas Donovan, Eugene Kim, and Tommy Lin - Meridian Capital Group
• Lessee: Borough Development

Meridian Investment Sales facilitated this ground lease arrangement, structured to provide long-term value and flexibility for the parties involved. The brokerage team emphasized their full-suite platform that encompasses investment sales, financing, and retail leasing, underlining their niche expertise in securing valuable deals within the market.