Future development play
The Walentas family’s Two Trees Management has acquired 25 Paidge Avenue in Greenpoint from Zenith Energy for $62 million. The companies agreed to a sale-leaseback, whereby Zenith Energy will control the property under a 25-year ground lease.
Acquisition financing: Two Trees secured a $36 million loan from Signature Bank to close the deal. With a massive 324,075 SF lot and 648,150 SF of development rights, this is great long term hold for the family. TRD was first to report the news.
Flashback: Zenith gained control of the petroleum facility last year from Arc Terminals, who paid $27.4 million for the property in 2013.