Jackson Group pays $14M to L+M Development for retail property in Crown Heights

Gabriel J. Chehebar’s Jackson Group through the entity 250 Utica Owners LLC paid L+M Development Partners’s Utica Place Commercial LLC $13.9 million for 250 Utica Avenue in Crown Heights. The deal closed on January 28, 2020, and was recorded on February 26, 2020. The transaction consists of 1 parcel, including the tax class retail building with apartments above (K4). The property is 59,021 square feet.
The average sale price per square foot is $236.

The last time the property saw a transfer document was January 1, 2020, when L+M recorded a lease amendment, as ground tenant, with landlord, St. Matthews Roman Catholic Church, valued at $10,039,852. That amendment extended the lease expiration date from April 2061 to April 2111. The lease between St. Matthews and L+M was originally signed in 2012.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building on June 17, 2014.
Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $1,512,605.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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