LCOR through the entity Surf Avenue L/Cal LLC signed a 99-year ground lease with landlord Sirena Realty Corp. valued at $20 million for 10 parcels including 1530 Mermaid Avenue, 1514 Mermaid Avenue, 2906 West 15th Street, 2910 West 15th Street, Surf Avenue, and others in Coney Island. The deal closed on December 13, 2019, and was recorded on December 30, 2019. The transaction consists of 10 parcels, including the tax class primarily one family with two stores or offices (S0) and containing 5 residential units. The parcel(s) have total development potential of 374,778 square feet.
The average sale price per square foot is $53.
This is a 99-year ground lease, signed by Anthony Tortura on behalf of LCOR, and Louis Russo on behalf of Sirena Realty.