Douglaston Development inks 99-year lease valued at $10.7M with New York Botanical Garden for property in Tremont

Douglaston Development through the entity DD Bedford Moderate LLC (and others) signed a 99-year lease with the New York Botanical Garden valued at $10.7 million for 410 Bedford Park Blvd, 2870 Webster Avenue in Tremont. The deal closed on August 31, 2020, and was recorded on September 10, 2020. The transaction consists of 2 parcels, including the tax class one-story store building (K1).

This is a 99-year lease. Douglaston is to develop 165 units of low income affordable and 100 units of moderate income affordable and a retail space. The New York Botanical Garden bought the parcel for $10 million in 2008. Jed Resnick was the signatory for Douglaston.  J.V. Cossaboom was the signatory for the Botanical Garden.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 3, 2015.

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