Jay Weitzman inks 99-year ground lease valued at $8.7M for former Meserole Theater in Greenpoint

Jay Weitzman through the entity 723 Manhattan GL LLC signed a 99-year ground lease as the tenant with Arthur Krantz and Joel Levinson of Krantz & Levinson LLC, as landlord, valued for tax purposes at $8.7 million for 723 Manhattan Avenue in Greenpoint. The deal closed on September 25, 2019, and was recorded on October 7, 2019. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 39,202 square feet, according to city records, but a listing for rental quoted a space of 17,000 square feet.

The property has 25 feet of frontage along Greenpoint Avenue and 154 feet of frontage along Lorimer Street. Curbed profiled the former Meserole Theater, which is currently occupied by a Rite Aide drug store.
The average sale price per square foot is $243.
The estimated cap rate is 4.7%
Weitzman is an owner along with Michael Weitzman of Double U LLC, a real estate development and property management company.

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