236 Fifth Avenue Case Study
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 kept ownership and a long-dated, inflation-protected ground rent. It is the clearest example of how Skyline Properties structures NYC ground leases.
The Challenge
The owner, a multigenerational family, wanted to monetize the asset without giving up long-term ownership. An outright sale would have triggered a large tax bill and ended the family's connection to the property.
Our Solution
Daniel Shirazi and Robert Khodadadian structured a 99-year ground lease that gives the family inflation-protected income for generations and lets the Kaufman Organization operate the building.
The Result
Closed at $65 million on a 95,000 SF building, or $684/SF, on a 99-year ground lease structure. The family keeps ownership and collects predictable, inflation-adjusted rent.
Key Takeaways
- Ground lease preserves family ownership for generations
- Inflation-protected income stream for landowner
- $684 per 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, roughly $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 on Fifth Avenue in NoMad, Manhattan.
Deal Metrics
Transaction Parties
Buyer
Kaufman Organization
Seller
LCT Associates (Scott Chiou)
Financing
Ground lease structure
Neighborhood
NoMadHave a Similar Property?
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Discuss Your PropertyPress Coverage
More press on 236 Fifth Avenue
3 press features covering 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
