Borough Developers Closes on $139M 99-Year Ground Lease in Fort Greene
By Andrew Coen May 16, 2025 1:18 pm
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Borough Developers has closed on a new ground lease at a mixed-use property in Fort Greene, Brooklyn with a $138.6 million value, Commercial Observer has learned.
The Brooklyn-based firm signed a 99-year ground lease at $1.4 million annually with owner John Mullins & Sons for the 18,624 square-foot corner assemblage spot at 673-695 Fulton Street, which is currently occupied by a health club and nonprofit as tenants.
Borough is planning to develop the site at the corner of Fulton Street and South Portland Avenue— across the street from the Brooklyn Academy of Music — into an 81,000- square-foot development with rental apartments and ground floor retail.
Meridian Capital Group’s investment sales group arranged the ground lease with a team consisting of Thomas Donovan, Tommy Lin and Eugene Kim. The deal was designed to create a long-term lease while also preserving long-term flexibility at the property, according to Meridian.
“We were honored to structure a deal that secures generational income while positioning the site for future growth,” Donavan, senior managing director at Meridian, said in a statement.
Officials at Borough Developers and John Mullins & Sons did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
