$10,250,000
330 Calyer Street
330 Calyer Street, Brooklyn, NY, 11222
DJ Johnston
Executive Vice President | multifamily | New York, NY
About DJ
Professional Accomplishments
Affiliations & Memberships
DJ Johnston is a professional real estate agent at Matthews™ where he leads investment sales in Brooklyn, NY. DJ has become an indispensable figure within the industry with a career dedicated to real estate excellence and passion. To date, he has helped clients value over 2,000 properties and has personally executed the sale of 350 transactions, with an aggregate value of $1.5 billion.
Previously, he was a Partner and Senior Managing Director at B6 Real Estate Advisors, where he was the top producer for 5 consecutive years. Prior to B6 Real Estate he was a Director at Massey Knakal Realty, starting his career in 2009. Massey Knakal Realty was acquired by Cushman in Wakefield in 2015 where he worked for three years.
DJ prides himself on being a fair and transparent salesperson while always putting his client’s needs first. He is a thoughtful and creative marketer, understanding every listing is truly unique. He has a reputation for sourcing the perfect buyer on every listing and uncovering value that others may overlook.
Born and raised in New Rochelle, New York, DJ graduated with a Bachelor of Science Degree in Finance from the University of Scranton. He attended Iona Prep for High School and is an active alumnus. His previous work experience includes Equity Sales and Trading at Ota, LLC, Advertising Sales at ESPN, Litigation Legal Services at Merrill Communications, and Investor Relations at the hedge fund Kingstown Capital.
Outside of his professional realm, He is an avid skier and runner but, above all, enjoys spending time with his family of five – wife, Sarah, sons, James, and Tommy, and their daughter, Olivia.
B.S., Finance
University of Scranton
Professional Accomplishments
- 2025 – Chairmans Club – Matthews™
- 2025 – Crexi Platinum Broker Award
- 2024 – Sales Achievement Award – Matthews™
Affiliations & Memberships
- New York Real Estate Commission
- License No. 10401225168 (NY)
Contact DJ
Featured Listings
Affiliated Agents
Case Studies
How Matthews™ Executed a 99-Year Ground Lease in Brooklyn
We are pleased to announce the execution of a ground lease for 401 Bushwick Avenue, a development site located in East Williamsburg, Brooklyn. The site consists of a 14,795-square-foot mixed-use assemblage in an R6 zoning district, offering a 3.0 FAR (wide avenue), or 44,400 buildable square feet “as of right.” The corner-lot features 240 feet of wraparound frontage on Bushwick Avenue and Varet Street. It is conveniently located between the Montrose and Morgan Avenue L trains and surrounding by significant public and commercial developments. The 99-year ground lease implies a land value of $12,000,000, or $270 per buildable square foot (BSF). The terms of the lease remain confidential. Seller Profile A generational Brooklyn family with experience in real estate investing but not structured for ground up development. Buyer Profile The developer is a Brooklyn-based, vertically integrated firm with 20 years of experience building mid-size residential projects. They have a proven track record of successful ground leases and specialize in this type of transaction. The Challenge The seller had considered selling in the past, but as a generational family, they were reluctant to pursue a 1031 exchange or pay capital gains taxes on a sale. While ground leases can create long-term cash f low, they carry inherent risks early in the development process, making it critical to select a dependable developer. The Solution We interviewed several developers with a strong track record of delivering residential projects in Brooklyn who also demonstrated the capability and willingness to negotiate a multigenerational lease agreement. These two factors, though distinct, are equally crucial to the success of this type of transaction. Key considerations for negotiating a ground lease include: Attorneys Hiring the right attorney is essential. This is not an average contract negotiation but a 100-year agreement that future generations will rely on for guidance. You need an attorney experienced specifically in ground leases and willing to prioritize negotiations. Base Rent This is the primary term to address and is typically perceived as 5-6% of the underlying land value. Sellers should compare this to the return they would achieve by selling and reinvesting through a 1031 exchange. Abatement Period This refers to a period of free rent while the developer prepares the site for construction. Typical periods range from 12-24 months, although this is negotiable. Sellers may offer a longer abatement period in exchange for higher base rent. Guarantees Developers often provide deposits and personal guarantees to ensure the project is completed on time. A ground lease gains significantly more value when the collateral is improved, making it imperative to work with a developer who can deliver a quality project on schedule. Escalations The difference between a 2% annual increase and a 10% increase every five years is significant over a 100-year term. Knowing how your increases compound over time is imperative. Market Resets The most controversial and critical component of a ground lease. These resets typically occur every 25 years and protect both parties from significant market fluctuations. Common approaches include tying resets to CPI while capping upside/downside or linking them to a percentage of the building’s gross income. Future Lender Requirements Much of the lease terms need to keep in mind the financing environment. When the developer looks to refinance under your ground lease, will the bank understand and be able to confidently underwrite against those terms. Credibility Ground leases are not Joint Ventures, nor are they outright sales. Like any lender / landlord / developer relationship, there is an element of a partnership and credibility that is paramount. You may occasionally call on the developer, and they may call on you. It is important to work with someone experienced and trustworthy, and who you can see eye to eye. Outcome We ultimately selected a developer we have executed with in the past. Their experience in both building these types of buildings and their understanding of the ground lease structure made them a clear candidate for this type of project. After several face-to-face interviews, the owner felt confident this was the developer they wanted building on their family’s land.
DJ Johnston
Executive Vice President
How Matthews™ Delivered Certainty Amid Legal Complexity in Bushwick
Matthews™ successfully facilitated the sale of 252 Cornelia Street, a six-unit, 100% rent stabilized property in Bushwick, Brooklyn. The property sold with two vacant units at the time of closing, in need of renovation prior to releasing. Based on DHCRs legal rents, the property, once fully occupied, would trade at a 5.6% cap rate. The transaction was completed within 60 days, with no financing or inspection contingencies, and the buyer accepted the property in its condition while assuming an ongoing legal matter. Challenge Following a previous brokerage’s inability to close, the owners were left with a terminated contract and active tenant litigation. During the prior market process, a prospective buyer approached tenants about potential buyouts, prompting one tenant to initiate legal action against the seller. As a result, the property suffered from damaged market perception and heightened scrutiny. The 100% rent stabilized status further narrowed the buyer pool to investors with specialized knowledge, while a competing offer of $825,000 included financing and inspection contingencies that introduced execution risk. Strategy Matthews™ agents Evan Kashanian and DJ Johnston repositioned the asset’s opportunity by restoring transparency and reframing the narrative around credibility and execution. Legal circumstances were clearly communicated upfront, and engagement was limited to qualified investors with demonstrated experience in rent stabilized assets. Rather than pursuing the highest headline price, Kashanian and Johnston cultivated competitive tension between credible buyers and advised ownership to weigh certainty, speed, and risk mitigation above nominal value. A crucial factor in the transaction was securing a non-contingent offer capable if closing efficiently, while absorbing the legal complexity without renegotiation. Result The owner selected a $680,000 offer that provided a definitive path to closing, free of financial and inspection uncertainties. The buyer accepted the asset in its current condition and assumed responsibility for the ongoing court matter, eliminating further legal exposure for the seller. The transaction closed in 60 days, delivering a clear exit and removing prolonged contingencies. By prioritizing disciplined buyer selection and certainty of execution, Kashanian and Johnston transformed a fragmented situation into a controlled and successful outcome.
Evan Kashanian
Associate
How Matthews™ Generated 15 Offers for a Record Outcome on Putnam Ave
Matthews™ successfully represented the seller in the disposition of a mixed-use property located at 1701 Putnam Avenue in Ridgewood, NY. The 6,290-square-foot asset featured a balanced unit mix of four residential apartments and four retail spaces and ultimately sold for $2,880,000. Challenge The primary challenge was achieving the seller’s target pricing in a competitive yet price-sensitive mixed-use market. Although buyer interest was robust, ownership required a specific price point to execute a planned out-of-state investment. Strategy Matthews™ agents David Caba and DJ Johnston launched a focused marketing campaign supported by a comprehensive offering memorandum that clearly highlighted the property’s mixed-use fundamentals, neighborhood demand, and upside potential. Within the first three weeks of marketing, Caba and Johnston generated 15 qualified offers and structured a competitive bidding environment. Rather than simply selecting the highest initial bid, they carefully vetted buyers based on pricing, financial strength, experience with mixed-use assets, and demonstrated ability to close. This approach preserved leverage for the seller while pushing buyers to sharpen their terms and increase pricing. Result Caba and Johnston’s competitive process drove the final sale price $180,000 above the next closest offer, exceeding initial expectations and fully aligning with the seller’s objectives. The selected buyer met the seller’s pricing requirements and provided certainty of execution, allowing the client to confidently redeploy capital into investments in another state. Matthews™ delivered both maximum value and timely execution for the seller in the smooth closing of this transaction.
David Caba
Associate
382 Kosciuszko Street Bedford-Stuyvesant, Brooklyn, NY
A premium exists, but you need to hunt it down… Justify the Premium One block in the right or wrong direction can sway value by 20%, especially in neighborhoods like Bedford-Stuyvesant. While most investors underwrote this as a cap rate deal, there was demand from local investors that could underwrite this as short term cash flow plus an opportunity to occupy as an end-user down the line. This allowed Matthews™ to compress cap rates by about 100 bps to a 6.3% cap, down from the neighborhood average of 7.3%. As local specialists for the last 15 years, the Matthews™ agents knew exactly what blocks warrant these premiums and where values might start to fall off. Hunt Down the Premium Don’t be lazy, always call the neighbors! When launching a new listing, several call lists are built. These lists include buyers of comparable sales over the last 2 years, recorded bidders on similar current/ historical listings, and all owners within a 5-block radius of the subject. 50% of the time our top buyer will come from one of these 3 lists, but you need to allocate the time to make these calls, which can take weeks to execute properly. A single broker doesn’t have the time / resources to make 500+ calls in the span of 2 weeks, which is why we always staff our assignments appropriately. In this case, the buyer of Kosciusko was related to a purchaser of a similar building 2 blocks away. That buyer introduced us to his friend, who ultimately ended up outbidding the rest of the market. That one phone call earned our client an extra $100,000. If you are selling a building in NYC, you should absolutely know who is staffed to the assignment and what is their role. Broker commissions are large enough to support a team of executors, but are you getting the value you deserve, and is each member of the brokerage is properly incentivized for the work that is expected of them. Ask these questions and you might realize it’s better to pay a little bit more in fee to pay for a firm that will 10x that margin in net sales price.
DJ Johnston
Executive Vice President