Abraham Jacobowitz signs 99-year ground lease valued at $3M in East New York

Abraham Jacobowitz through the entity Aad Group 1 LLC signed a ground lease with Michael DiLorenzo’s 2730 Atlantic Avenue Holdings, LLC valued at $3 million for 2730 Atlantic Avenue, 2732 Atlantic Avenue and 2734 Atlantic Avenue in East New York. The deal closed on September 15, 2020, and was recorded on September 30, 2020. The transaction consists of 3 parcels, including the tax class commercial real estate (CR).
The parcel(s) have total development potential of 45,693 square feet.
The average sale price per square foot is $65.

Michael DiLorenzo as landlord signed a 99-year lease with Jacobowitz as tenant. The lease includes one 25-year renewal option as well as a purchase option. The last time one of the three properties sold was February 26, 2014, for $322,500.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Abraham Jacobowitz