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Shimshon Grunstein inks ground lease in Mott Haven

Developer planning to build a residential project at 550 Trinity Avenue and 571 Jackson Avenue

Development Site (Credit: Brax Realty Group)

Shimshon Grunstein  has signed a 99-year ground lease for 550 Trinity Avenue and 571 Jackson Avenue in Mott Haven. The lessor is the M&R Friedlander Supply Companywho will be paid $108 million over the lifespan of the deal

Dig Deeper: The block-through site allows for the development of 52,319 buildable square feet for residential use or up to 73,003 square feet for community facility.

What comes next: The developer plans on building a multifamily property, according to a report from TRD. Although the existing warehouse is currently occupied by a sheet metal fabricator, it will be delivered vacant.

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