FEATURED TRANSACTION, 26-04 & 26-08 Jackson Avenue
Acquisition Date: September 2020
Lessor: Jadidian Family
Lessee: CW Realty
Investment Type: Development
Our Approach: Ground Lease
Jacob arranged a 99-year ground lease of 2 contiguous lots in Long Island City, Queens totaling nearly 65,000 buildable square feet. Looking to maximize value for the property owner, Jacob delivered and executed a strong offer from CW Realty to lease the premises for 99 years, leveraging a free rent period and other nuances to maximize starting base rent and subsequently maximize asset value for the landlord, while simultaneously providing a lucrative development opportunity in an extremely challenging, Covid-19 afffected market.
1111 BROADWAY, 31-61 VERNON BLVD & 11-24 31st DR
Acquisition Date: February 2020
Lessor: Fiorentinos Family
Lessee: 1111 Broadway LLC
Investment Type: Development
Our Approach: Ground Lease
While at Puzzle Equity Solutions, Jacob arranged the ground lease of three contiguous lots in Astoria, totaling nearly 65,000 buildable square feet. Looking to maximize value for the property owner, he procured a 99-year lease with no concession period, designed to enable ownership to immediately refinance upon execution of the lease. Jacob effectively maximized asset value for ownership, achieving excess of $11 per buildable square foot per year, implying an asset value of nearly $250 per buildable square foot. Simultaneously, he provided an incredibly attractive development opportunity for the lessee, utilizing the ground-lease to manufacture a win-win for both parties.
37-27 107th ST
Acquisition Date: December 2018
Seller: Mirza Rahmann
Investment Type: Core-Plus / Value-add
Our Approach: Condo-to-rental Conversion
Jacob arranged the sale of 37-27 107th Street, a four-story, 33-unit elevator building in Corona, Queens. Looking to maximize upside for the potential buyer, he executed the sale at $9,800,000, upwards of $450+ PSF, meeting seller’s demands by providing an attractive buy-and-hold investment opportunity for the investor, being able to collect rent on all 33 condominium units at premium market rates while capitalizing on potential upside by having the option to dispose of condominium units to end-users at top-dollar.
130 GRAHAM AVENUE
Acquisition Date: December 2018
Developer: Transition Acquisitions
Investment Type: Opportunistic / Value-Add
Our Approach: Owner-financing
Jacob arranged the sale of 130 Graham Avenue, a 5-story walk-up delivered vacant and gutted. By arranging seller-financing, Jacob was able to meet the seller’s demands and facilitate the sale at upwards of $600+ PSF, while still providing an attractive investment opportunity for the developer.