News:
Brokerage
Posted: December 17, 2019
Safehold Inc. closes acquisition of existing ground lease at 425 Park Ave. for $620 million
Manhattan, NY Safehold Inc. has closed on the acquisition of the existing ground lease at 425 Park Ave. for $620 million. In connection with this transaction, the company entered into a joint venture agreement with a sovereign wealth fund in early September. Safehold owns 55% of the venture and acts as its manager.
“We are excited to add the 425 Park ground lease to our portfolio,” said Jay Sugarman, chairman and CEO. “2019 has been a breakthrough year for Safehold and the closing of the ground lease at 425 Park, the first new office building constructed on Park Ave. in over 50 years, represents another significant milestone for the company. We look to finish the year strong and are excited to push forward with our plans for expansion in 2020”
425 Park Ave. is a 42-story, 670,000 s/f class A office building under construction. The building occupies the full block on Park Ave. between 55th and 56th St.
The majority of the 18,000 s/f retail space is leased to a restaurant that will be managed by Daniel Humm of Eleven Madison Park and The NoMad.
Tags:
Brokerage
MORE FROM Brokerage
CM&B completes Activate Games’ NYC debut in Union Square
Manhattan, NY Construction Management and Builders, Inc. (CM&B) has completed construction of Activate Games’ first US flagship store in New York City, transforming a historic Union Square retail destination into a 15,000 s/f active gaming experience where players become part of the game.
Columns and Thought Leadership
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt
You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their
Artificial intelligence in lending - by Lindsay Mesh Lotito
Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
.gif)
August Promotion
