Bushburg Properties signs ground lease with a $20M value on 3 parcels in Sunset Park

Abraham Hoffman’s Bushburg Properties through the entity Brooklyn Tami LLC signed a 95-year ground lease as tenant with Eva Weber’s 128 32nd St. Realty Corp. as landlord valued at $20 million for 128 32nd Street, 140 32nd Street and 162 32nd Street in Sunset Park. The deal closed on November 18, 2020, and was recorded on December 21, 2020. The transaction consists of 3 parcels, including the tax class miscellaneous open space (Z9). The parcel(s) have total development potential of 109,000 square feet, according to an analysis by PincusCo Media of public data.
The average price per square foot is $183.
The signatory for the ground tenant was Abraham J. Hoffman.

This is a ground lease for thee properties which was executed on July 1, 2020, and runs for 45 years until February 2065, with five additional renewal periods of 10 years each, giving the lease a total term of 95 years.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link