BentallGreenOak buys $24.8M ground lease from Turnbridge, Harbor Group for Amazon-leased parcel

Turnbridge Equities and Harbor Group International through the entity 2300 Linden Property LLC as seller assigned a ground lease to BentallGreenOak through the entity Linden Logistics ILP LLC valued at $24.8 million for 1 parcel, including the tax class fireproof warehouse (E1) at 2300 Linden Boulevard in Brooklyn. The deal closed on January 28, 2021 and was recorded on February 16, 2021.

The signatory for Turnbridge was Ryan Nelson.  The ground lease was valued at $24.8 million and The Real Deal reported that BentellGreenOak planned to exercise a purchase option and buy the fee, which would bring the total value to $46 million. The building is leased by Amazon, according to the article.

The fee is owned by 2300 Linden Realty Corp., with Charles Monchik, treasurer.

The memorandum of lease says the lease is for 48 years with an option to extend another 30, and the lease contains a purchase option available from January 1, 2023 to December 31, 2025.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $100,000.0.

Direct link to Acris document. link