NYC Top Construction acquires ground lease valued at $20M for office building in Williamsburg

NYC Top Construction as tenant through the entity 731 Flushing Ave Realty LLC acquired a ground lease valued at $20 million from Bernard Ettinger as landlord through the entity 731 Flushing Avenue Associates, LLC for the office building (O2) at 731 Flushing Avenue in Williamsburg, Brooklyn.
The deal closed on November 30, 2021 and was recorded on December 22, 2021.
The property has 73,210 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $273 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 Bernard Ettinger was Zachary Lewis. The signatory for NYC Top Construction was Samuel Teitelbaum.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. One of the projects were to change the building from a E to a B and were permitted on October 27, 2009.
Zachary Lewis is the COO of Markis Management. Samuel Teitelbaum is the head of operations at NYC Top Construction.  This is a 99-year triple-net lease for the building managed by Markis Management.

Direct link to Acris document. link