Watermark Capital Group Signs 99-Year Ground Lease With Roman Catholic Church Of Our Lady Of The Rosary For Multifamily Project

The property asset involved in this transaction is a multifamily development located at 225 Seigel Street in East Williamsburg, Brooklyn. The asset encompasses approximately 83,957 square feet and is part of a site valued at $17 million, reflecting its significance in the local market. The transaction involves a ground lease structure, specifically a 99-year ground lease.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17M
• Address: 225 Seigel Street
• Market: East Williamsburg, Brooklyn
• Landlord: Roman Catholic Church of Our Lady of the Rosary of Pompei
• Tenant: Wolfe Landau, David Grunfeld & Joel Wieder - Watermark Capital Group
• Broker: Newmark
• Lease Type: Ground Lease
• Lease Term: 99-year ground lease

The individuals behind this deal include Wolfe Landau, David Grunfeld, and Joel Wieder, who are representatives of Watermark Capital Group. Their commitment to redeveloping the property involves transforming a fire-damaged religious campus into the multifamily project indicated. The lease agreement outlines prepaid rent provisions, scheduled rent step-ups, and a 7% fair market value reset at specified intervals throughout the lease term.