Greenland USA signs ground lease with state valued at $19.1M for two parcels in Park Slope

Greenland USA through the entity Pacific Park Site 5 Developer, LLC signed a ground lease with Empire State Development valued at $19.1 million for 15 4th Avenue in Park Slope, Brooklyn and at 617 Pacific Street in Park Slope, Brooklyn. Greenland and Brookfield Properties are partners on the Pacific Park development.
PincusCo reported last month that Greenland was in contract to pay an undisclosed amount to P.C. Richard & Son, which owns the leasehold on the property.
The deal closed on October 25, 2021 and was recorded on November 15, 2021.

The signatory for Empire State Development was Holly M. Leicht. The signatory for Greenland USA was Gang Hu.

Within a 400-foot radius of 15 4th Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on October 1, 2021 for a 79,715-square-foot R-2 building with 104 residential units at 375 Dean Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on March 1, 2021 for the $310,625.0 renovation of 1,837-square-foot M building with two residential units at 602 Pacific Street.
One of those three items was a loan which Joseph Brunner borrowed $45.0 million from Bank Leumi secured by the 24,960-square-foot, one-unit office building (O7) on 35 4th Avenue on July 26, 2021.

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