MDG Design signs $9M ground lease with church for dev site in Fort Greene

MDG Design + Construction through the entity Hanson Place Housing Development Fund Corporation as tenant signed a 99-year ground lease valued at $9 million with landlord Hanson Place SDA Church through the entity Hanson Place Church Support Corporation for the development parcel (N1) at 142-150 South Portland Avenue in Fort Greene, Brooklyn.
The deal closed on September 22, 2021 and was recorded on October 18, 2021.
(321593101) Plans for a 104-unit, 86,391 square-foot R-2 were filed on May 15, 2019.
The property has 9,400 square feet of built space and 62,880 square feet of additional air rights for a total buildable of 72,240 square feet according to PincusCo analysis of city data. The sale price per built square foot is $958 and the price per buildable square foot is $124 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Hanson Place SDA Church was Jeremiah Cox. The signatory for MDG Design + Construction was Michael T. Rooney.

This is a 99-year ground lease of 142-150 South Portland Avenue. Michael T. Rooney is the founding principal of MDG Design + Construction.

Direct link to Acris document. link