Watermark Capital signs 40-year lease valued at $5M with Catholic Church for development in East Williamsburg

Watermark Capital Group through the entity 143 Graham LLC paid the Roman Catholic Church of the Most Holy Trinity $5 million for a lease for 130 Montrose Avenue and 143 Graham Avenue in East Williamsburg. The deal closed on July 24, 2020, and was recorded on August 20, 2020. The transaction consists of 2 parcels, including the tax class church, synagogue, chapel (M1).

The lease was signed December 2, 2019 and commenced February 29, 2020 and runs for 40 years and includes two renewal options for 25 years each. Watermark filed plans for a seven-story building in January 2019 that were disapproved in July 2020.  The plans were filed with the owner representative Yoel Werzberger.

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. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. Wolfe Landau