Wildflower, the company behind Robert De Niro’s Wildflower Studios in Queens, bought this industrial site in Hunts Point from a Long Island company. The sites were last purchased for about $2.3 million in 2003, according to property records. The lots total 55,000 square feet and allow for 110,000 square feet of buildable space.
Bronx, NY Skyline Properties sold 1340 Lafayette Ave., 749 Whittier and 745 Whittier St. in the Hunts Point section of the Bronx to Wildflower Ltd. for $10.85 million. The combined lots total 55,000 s/f with a total of 110,000 buildable s/f.
The Kaufman Organization closed on a newly formed ground lease at The Haymarket Building in Manhattan’s NoMad, valued at $34.5 million, Commercial Observer has learned. Kaufman signed a 99-year ground lease with owner MFM Properties for the 12-story office building at 135 West 29th Street between Seventh Avenue and Avenue of the Americas, according to Kaufman.
Skyline Properties – Brokering outside the box: Off-market deals, ground leases and customized canvassing
The Feil Organization is buying an office building in Chelsea that is home to several art galleries for about $72 million, according to sources familiar with the deal. The property is located at 530 West 25th Street between 10th and 11th avenues and spans 95,000 square feet across seven stories. The Feil Organization partnered on the purchase with Peter Armstrong of Rigby Asset Management.
Resurgence of the Ground Lease: Q&A With Skyline Properties CEO Robert Khodadadian - The Commercial Observer
Sister act: Kaufman inking ground lease for NoMad office building The Real Deal Skyline Properties Robert Khodadadian Daniel Shirazi
Wildflower bought the adjacent properties at 1340 Lafayette Ave., 749 Whittier St. and 745 Whittier St. in Hunts Point from a Long Island-based limited liability company, which had bought the sites for about $2.3 million in 2003, according to sources and property records. The lots span 55,000 square feet and include 110,000 buildable square feet.
One of the biggest “deal killers” during ground lease negotiations circles around the issue of whether or not to include a rent reset in the ground lease. In general, rent resets are used to protect the landlord (lessor) from inflation which in turn can increase future ground rent paid by the ground tenant (lessee). As a consequence, the lessee is reluctant to accept a rent reset whereby “killing the deal.” However, crafting language to protect both the landlord and tenant can help keep the deal
The Kaufman Organization continues to expand in Midtown South after closing on a $34.5 million ground lease at the Haymarket Building. The organization signed a 99-year ground lease with MFM Properties for the 12-story office building at 135 West 29th Street, the Commercial Observer reported.
Acadia Closes $50M Buy of Soho Retail Co-ops Commercial Observer Robert Khodadadian Skyline Properties
This six-story apartment building in the Clinton Hill neighborhood was built in 1939. It has seven one-bedroom units, eight two-bedrooms, 21 three-bedrooms and four four-bedrooms, as well as 16 parking spaces. The building last changed hands in 2012.
Four-building St. Mark’s Place multifamily portfolio under contract for $44M The Real Deal Robert Khodadadian Skyline Properties