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Watermark Capital Acquires Ground Lease In Flushing, Queens For $18M

138-25 Barclay Avenue
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This Development Site property located in NY was leased about 3 years ago. The brokers of the deal were Daniel (Dan) Kaplan, John Reinersten, and Justin Arzi

A ground lease transaction has taken place in Flushing, Queens. The development site located at 138-25 Barclay Avenue was involved in this transaction. The property has a zoning designation of R7-1, making it suitable for development.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $18,000,000
  • Address: 138-25 Barclay Avenue
  • Market: Flushing, Queens
  • Zoning: R7-1

Watermark Capital acquired the property in this ground lease deal. The seller of the property was St. Michaels Catholic Church. The transaction was facilitated by CBRE, with Dan Kaplan, Justin Arzi, and John Reinertsen representing the seller.

The property consists of 42,656 square feet of buildable space, with a price per buildable square foot of $421.

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Deals
  • Location
    13825 Barclay Avenue, Flushing, NY 11355, USA13825 Barclay Avenue, Flushing, NY 11355, USA
  • Area
    12,400 SF12,400 SF
  • Asset Type
    Development SiteDevelopment Site
  • Parties
    3 Brokers, 1 Agency3 Brokers, 1 Agency

Agents

Justin Arzi

Justin Arzi

Deals23
Sold$674.8M

John Reinersten

John Reinersten

Deals3
Sold$74.4M

Daniel (Dan) Kaplan

Daniel (Dan) Kaplan

Deals33
Sold$996.5M

Agency

CBRE

CBRE

Agency
Deals4231
Volume$184.3B

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Deal Summary

GROUND LEASE IMAGE: Justin Arzi, Dan Kaplan & John Reinertsen DATE: 02/26/2021 ADDRESS: 138-25 Barclay Avenue MARKET: Flushing, Queens ASSET TYPE: Development Site ~ ZONING: R7-1 BUYER: Watermark Capital SELLER: St. Michaels Catholic Church SELLER’S REP: Dan Kaplan, Justin Arzi & John Reinertsen - CBRE PRICE: $18,000,000 BSF: 42,656 ~ PPBSF: $421

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138-25 Barclay Avenue

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