Robert Khodadadian — Skyline Properties — Off-Market Manhattan Commercial Real Estate — 236 Fifth Avenue
Landmark NoMad Ground Lease
95,000 SF
2017
Overview
The 99-year ground lease on 236 Fifth Avenue is a signature Skyline Properties transaction in prime NoMad. Daniel Shirazi and Robert Khodadadian structured the $65M deal — $65M / 95,000 SF = $684/SF — giving the Kaufman Organization control of the 12-story building while the landowning family retained ownership and a long-dated, inflation-protected ground rent stream. The deal exemplifies Skyline Properties' expertise in NYC 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 outletsFrequently Asked Questions
Who structured the 236 Fifth Avenue ground lease?
Daniel Shirazi and Robert Khodadadian of Skyline Properties structured the signature 99-year ground lease on 236 Fifth Avenue with the Kaufman Organization in 2017.
What was the value of the 236 Fifth Avenue transaction?
The 99-year ground lease on the 12-story, 95,000 SF NoMad office building was a $65 million transaction — approximately $684 per square foot.
How does a ground lease like 236 Fifth Avenue work?
A 99-year ground lease lets the landowning family retain ownership of the land while the Kaufman Organization controls and operates the building, giving the family a long-dated, inflation-protected ground-rent stream and a tax-efficient alternative to an outright sale.
Where is 236 Fifth Avenue located?
It is a 12-story, 95,000 SF office building in prime NoMad, Manhattan.
Deal Metrics
Transaction Parties
Buyer
Kaufman Organization
Seller
LCT Associates (Scott Chiou)
Financing
Ground lease structure
Neighborhood
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Discuss Your PropertyPress Coverage
More press on 236 Fifth Avenue
3 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.
Kaufman Organization Expands NoMad Portfolio With 236 Fifth Avenue Ground Lease
Kaufman Organization expands NoMad portfolio with 236 Fifth Avenue ground lease acquisition.
Kaufman Organization Adds 236 Fifth Avenue Ground Lease in NoMad
Kaufman Organization expands NoMad portfolio with 236 Fifth Avenue ground lease acquisition brokered by Skyline Properties.
Price, buyer, seller, $/SF, source citations
