Ground-Leased Harley Dealership Trades for $6M
The Boulder Group completed the sale of a triple-net ground-leased Harley-Davidson dealership at 1973 Forest Ave. on Staten Island for $5,550,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The buyer was a New York-based developer and the seller was a New York-based real estate investor.
The 8,299-square-foot property is strategically positioned on the northwest corner of Forest Avenue and Van Name Avenue. The Harley-Davidson ground lease has approximately 18 years remaining. There are five five-year renewal options, with 10% rental escalations in each option.
“The long-term lease to a high performing Harley-Davidson dealer made this an attractive investment” said Blankstein, president of The Boulder Group. Added Goodman, partner of The Boulder Group, “Properties in top MSAs like New York City are some of the highest targeted investments.”