Candor Capital signs $10.67M ground lease in Prospect Lefferts Gardens where it plans 99 units

Charles Wurzberger , president of Candor Capital , signed a 99-year ground lease as tenant with Brooklyn’s Roman Catholic Church of St. Francis of Assisi as landlord, on May 30, 2025, for 331-333 Maple Street in Prospect Lefferts Gardens. The lease was disclosed in a petition filed yesterday in New York State Supreme Court in Brooklyn seeking court approval of the lease, which is a requirement for nonprofits and religious groups when they sell or lease significant assets.

Case 530353/2025 LINK

Wurzberger submitted a new building construction project for a 99-unit, 97,877-square-foot residential (R-2) building at 331 Maple Street in Prospect Lefferts Gardens, Brooklyn. The plan was filed with the New York City Department of Buildings on August 19, 2025 under job number B01271705. It calls for the construction of a 12-story, 119-foot-tall building. The project is described in the filing as: Proposing a twelve-story residential building with 99 dwelling units.
The development is planned for the southeast portion of what is now tax lot 1 of block 4791, but a new lot, 70, will be created for this parcel.

City property records do not yet reflect a change in ownership either by a sale or ground lease, from the long-time owner, the Roman Catholic Church of Saint Francis of Assisi and Saint Blaise. The new building is on a portion of the property occupied by the original St. Francis of Assisi School building, with an address of 335 Maple Street. That building, now the parish center, will be demolished to make way for the new structure. The school, St. Francis of Assisi Catholic Academy, will not be impacted since it moved to a much larger building at 400 Lincoln Road decades ago.

According to the 99-year lease, “Tenant agrees to redevelop the Building and use the Premises for “market based” multi-family residential purposes only… The parties understand and agree that the ZLDA shall permit the Tenant to use development rights sufficient to allow up to 63,850 gross square feet of space in the Building…” The appraisal states the initial 49-year lease payments equate to a present value of $10.67 million. Candor Capital is to make an initial payment of about $1 million covering the first two years, and annual rent payments thereafter start at about $515,000 and by the 21st year rise to just over $754,000.

The broker was JLL.

Direct link to the property’s 380 Lincoln Road (tax lot 1) ACRIS page
Direct link to the property’s 331-333 Maple Street (tax lot 70) ACRIS page
Link to DOB NOW portal.