KD Sagamore Capital inks ground lease valued at $9M with First Reformed Dutch Church of Jamaica

KD Sagamore Capital through the entity Sagamore Jamaica QOPC, LLC signed a 99-year ground lease with the First Reformed Dutch Church of Jamaica which the city valued at $8.8 million for 1 parcel, including the tax class church, synagogue, chapel (M1) at 159-31 90th Avenue in Jamaica. The lease was signed on April 23, 2019 and commenced on September 5, 2019. The memorandum of lease was signed on September 5, 2019 and was recorded on September 12, 2019. The parcel(s) have total development potential of 228,675 square feet.
The average sale price per square foot is $72.
The lease was valued at $8.79 million in the transfer records.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There have been 2 demolition projects filed over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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