147-07 94th St

October 13, 2016 Comments Off on Queens, NY Ground Lease Executed for $34M Views: 763 National News, New York, Northeast

Queens, NY Ground Lease Executed for $34M

Phoenix Realty Group and Artimus executed a ground lease for a Queens, NY property at 147-07 94th Ave. for an initial term of 52 years. The $34 million deal includes two 24-year extension options. Landlord Rocco Ron Romero owned the property for close to 20 years.

Right now, a three-story, 46,180-square-foot building sits on the site. But Phoenix and Artimus plan to demolish the building and develop a mixed-use facility that will include market-rate and affordable housing, plus retail. The base area floor ratio on the site is 315,000 square feet, though the developers could build up to a 415,000-square-foot structure.

Sean Kelly and Brian Leary represented the landlord in the transaction, and secured the ground tenants.

Read More at Commercial Observer

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