Joel Schwartz signs $17M ground lease in sale-leaseback deal for development in East New York

Joel Schwartz through the entity 2700 Atlantic NY LLC as tenant signed a 99-year ground lease valued at $17 million with landlord Montgomery Street Partners through the entity 2700 Atlantic Ground Lessor LLC for the development site at 2700 Atlantic Avenue in East New York, Brooklyn.
The deal closed on September 1, 2021 and was recorded on September 22, 2021.
(340765602) Plans for a 227-unit, 158,730 square-foot R-2 were filed on September 14, 2020.
The seller bought the property on September 1, 2021, for $17 million.
The signatory for Montgomery Street Partners was Murray McCabe. The signatory for Joel Schwartz was Joel Schwartz.

This is the second part of a sale-leaseback transaction executed on September 1, 2021. In the first part of the transaction, Schwartz sold the development site to Montgomery Street Partners for $17 million. That transfer was recorded on September 14 and PincusCo reported on it here. This second part of the transaction is a 99-year ground lease Schwartz as tenant signed with MSP as landlord, valued at $17 million.

Within a 400-foot radius of 2700 Atlantic Avenue, PincusCo identified one commercial real estate item of interests occurred over the past 24 months.
It was a new building permit application filed on May 1, 2020 for a 68,960-square-foot storage S-1 building at 191 Vermont Street.

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