Monadnock, partners sign ground lease valued at $79M with NYCHA for 38 properties

Monadnock Development and the Community Preservation Corp. and others through the entity PACT Renaissance Collaborative LLC signed a ground lease with the New York City Housing Authority valued at $79.3 million for 2401 Adam C Powell Blvd, 2403 Adam C Powell Blvd, 2405 Adam C Powell Blvd, 2109 Amsterdam Avenue, 2111 Amsterdam Avenue, and others in Central Harlem. The deal closed on November 30, 2020, and was recorded on January 5, 2021. The transaction consists of 38 parcels, including the tax class multifamily, old law tenements (C4) and containing 2,559 residential units. The parcel(s) have total built space and development potential of 1,774,834 square feet.
The sale price per unit is $30,979.

This is a memorandum of lease valued at $79.27 million. The deal was announced in 2019.

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 were 2 renovation/alteration projects (A2) applied for with a total estimated value of $387,090.
Direct link to Acris document. link

The signatory for the buyer was Nicholas Lembo.