Robert Khodadadian — Skyline Properties — Off-Market Manhattan Commercial Real Estate — 236 Fifth Avenue
Landmark NoMad Ground Lease
95,000 SF
2017
Overview
Signature 99-year ground lease transaction in prime NoMad. $65M / 95,000 SF = $684/SF — strong basis for a long-dated ground rent stream. Exemplifies Skyline Properties' expertise in ground lease structuring.
The Challenge
The property owner, a multigenerational family, wanted to monetize their asset while maintaining long-term ownership. Traditional sale would trigger significant tax liability and sever family connection to the property.
Our Solution
Daniel Shirazi and Robert Khodadadian structured a 99-year ground lease that provided the family with inflation-protected income for generations while allowing Kaufman Organization to operate the building.
The Result
Closed at $65 million on a 95,000 SF building — $684/SF on a 99-year ground lease structure. The family maintains ownership while receiving predictable, inflation-adjusted rent.
Key Takeaways
- Ground lease preserves family ownership for generations
- Inflation-protected income stream for landowner
- $684/SF on a 99-year ground lease structure
- Tax-efficient structure vs. outright sale
Press Coverage
2 articles · 2 outletsDeal Metrics
Transaction Parties
Buyer
Kaufman Organization
Seller
LCT Associates (Scott Chiou)
Financing
Ground lease structure
Neighborhood
NoMadHave a Similar Property?
Let's discuss how we can maximize value for your asset.
Discuss Your PropertyPress Coverage
More press on 236 Fifth Avenue
7 canonical press features documenting the $65M transaction at 236 Fifth Avenue.
Kaufman Closes $65M NoMad Ground Lease
Kaufman Organization closes $65M 99-year ground lease on 236 Fifth Avenue.
236 Fifth Avenue - Mixed Use
236 Fifth Avenue mixed-use building transaction.
236 Fifth Avenue - 99-Year Ground Lease
Property page for 236 Fifth Avenue 99-year ground lease to Kaufman Organization at $800+ PSF.
236 Fifth Avenue - 99-Year Ground Lease Comp
236 Fifth Avenue, NoMad. 25,000 SF office building 99-year ground lease to Kaufman Organization at $800+ PSF basis.
Kaufman Expands Midtown Manhattan Portfolio
Kaufman Organization expands NoMad portfolio with 236 Fifth Avenue ground lease acquisition.
236 5th Avenue - Crexi Comp Page
Crexi comp page for 236 Fifth Avenue $65M NoMad ground lease.
Kaufman Expands Midtown Manhattan Portfolio
Kaufman Organization expands NoMad portfolio with 236 Fifth Avenue ground lease acquisition brokered by Skyline Properties.
Price, buyer, seller, $/SF, source citations
