Camber Property inks lease valued at $15.5M for property in Bushwick

Camber Property Group as tenant through the entity 1601 DeKalb Owner LLC signed a 99-year lease with landlord Two Guys From Glendale Inc. valued at $15.5 million for 946 Hart Street, 1587 DeKalb Avenue and 1589 DeKalb Avenue in Bushwick. The deal closed on January 28, 2020, and was recorded on June 24, 2020. The transaction consists of 1 parcel, including the tax class licensed parking lot (G6). The parcel(s) have total development potential of 100,000 square feet.
The average sale price per square foot is $155.

The memorandum of lease valued the lease at $15.5 million. The lease was signed August 15, 2016, but possession did not begin until January 1, 2020. The term of the lease from possession date is 99 years. Madelyn Coopersmith, as president, signed for the landlord. Rick Gropper of Camber signed for the tenant.

Over the past five years, there have been 2 NYC Department of Buildings permit applications 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 $6,000.There has been one new building permit application totaling 100,444 square feet. Those plans include a total of 128 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link