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Lalezarian Properties Leases 135400 Square Feet Industrial Space At 34 24 Vernon Boulevard

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LEASED

New York

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Industrial270,800 SF
Leased 03/07/2025
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LEASED

Lalezarian Properties Leases 135400 Square Feet Industrial Space At 34 24 Vernon Boulevard

34 24 Vernon Boulevard & 34 31 Vernon Boulevard

See Similar Deals
Industrial270,800 SF
Leased 03/07/2025
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$0
Total Square Footage:270,800 SF
Transaction Type:Lease

The property asset involved in this lease transaction is located at 34 24 Vernon Boulevard in New York City. This industrial asset encompasses a total square footage of 135,400.0 square feet.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not disclosed
  • Tenant: Lalezarian Properties
  • Landlord: Henry Modell & Company, Inc. and Bert E. Brodsk
  • Date of Lease: 03/07/2025

The transaction involves Lalezarian Properties as the tenant, while the landlords are Henry Modell & Company, Inc. and Bert E. Brodsk. Their involvement highlights the participation of established companies in this leasing deal within the industrial market.

Details

LEASED
IMAGE: Mitchell B. Modell, Bert Brodsk, Frank Lalezarian & Kevin Lalezarian DATE: 03/07/2025 ADDRESS: 34-24 Vernon Boulevard & 34-31 Vernon Boulevard MARKET: Astoria, Queens ASSET TYPE: Industrial ~ SF: 135,400 LANDLORD: Henry Modell & Company, Inc. & Bert E. Brodsk TENANT: Frank Lalezarian - Lalezarian Properties VALUE: $39,000,000 LEASE TYPE: Ground lease LEASE TERM: 99-year term NOTE: Lalezarian Properties signed a $49 million, 99-year ground lease for 34-24 and 34-31 Vernon Blvd. in Astoria Queens, with Henry Modell & Company, Inc. and Bert E. Brodsk as the landlord.

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Deal Type
Effective Rent (Annual)

$15,522,092.59

Total Lease Value

$155,220,925.88

Net Landlord Cash Flow$15,522,092.59