Lee & Associates NYC Closes $7.5M Oceanside Land Deal for Sunrise Senior Living After Nine-Year Effort The New York Real Estate Journal reports that Lee & Associates NYC Executive Managing Director and Principal Kelly Koukou closed the $7.5 million acquisition of a 2.84-acre development site at 374 Atlantic Ave. in Oceanside on behalf of Sunrise Senior Living. The purchase contract was originally signed in 2017 and required nearly nine years of municipal approvals, public hearings…
NYC City-Leased Buildings for Sale for First Time in Over 40 Years
Six City-Leased NYC Buildings for Sale in the Bronx and Queens Six NYC city-leased buildings for sale are hitting the market Tuesday for the first time in decades, with seller Wolet Enterprises seeking more than $50 million for the Bronx and Queens portfolio, according to listing broker Lee & Associates NYC. “With New York continuing to invest heavily in programs like pre-K and early childhood education, assets like these offer investors durable, government-backed cash flow…
Capping Ground Lease Charges for New York Co-Ops Would Be Disastrous
There has been press recently about co-operative buildings on ground leases, where land ownership is separate from building ownership. The co-op does not own its land but “rents” it from the actual landowners, allowing co-ops to lease the land under their buildings for a fixed period, often decades. In cities like New York, where land is scarce and property prices soar, co-ops built on ground leases have long been a pragmatic solution. As these leases…
75 Pierrepont St. in Brooklyn Heights Sells, Remains Rent-Stabilized
Lee & Associates NYC on Sept. 4 completed the $6.8 million sale of 75 Pierrepont St., a 25,800-square foot, six-story, rent stabilized residential building in Brooklyn Heights at a 6.2% cap rate. “The sale of this Brooklyn Heights jewel for a 6.2% cap shows that there is hope amongst the NYC investment community that the legislature will one day realize that the best way out of a housing crisis is building more units, not regulating them,” said…