Artimus and Phoenix Realty Group revise Jamaica ground lease at lower value for 543-unit project

Artimus and Phoenix Realty Group through the entity Jamaica II Housing Development Fund Corporation signed a long-term ground lease with Rocco Ron Romeo’s Land & Sea Development Corp. valued at $26.7 million for 147-07 94th Avenue in Jamaica. The deal closed on December 24, 2019, and was recorded on January 6, 2020. The transaction consists of 1 parcel, including the tax class fireproof warehouse (E1). The property is 46,180 square feet.
This ground lease filing represents a reduction in value compared with the last time the parties signed a ground lease for the same parcel.
In 2016, the parties signed a 52-year ground lease valued at $34.3 million. That lease was terminated simultaneously with the new lease and replaced with the new ground lease valued at $26.6 million that runs for 65 years.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 417,586 square feet. Those plans include a total of 543 residential or hotel units. There have been 3 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link