Lee NYC Completes Triple-Net Leasehold in Brooklyn
Lee & Associates NYC represented ownership, 731 Flushing Avenue LLC, in the creation of a 99-year triple-net leasehold at 731 Flushing Ave. in Brooklyn. Built in 1969, the four-story plus full lower-level, 73,210-square-foot office building is located at the intersection of the Broadway Triangle and South Williamsburg.
731 Flushing Avenue Associates LLC was represented by a Lee NYC team of Ben Tapper, Garry Steinberg, and Sean Slattery.
New York City Job Center has occupied the entire building since it was built. Ownership originally retained Lee NYC to exclusively sell the property. However, due to the onset of the pandemic and changes in market conditions, the team shifted gears to create a long-term leasehold to achieve the highest value with continuous revenue.
“We’re pleased to have completed a deal on behalf of the owners of 731 Flushing Ave. that will generate an annuity stream throughout the next century,” said Tapper.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).