VerifiedKaufman Org Closes on $35M Ground Lease Deal
Kaufman Organization closes 99-year ground lease at 135 West 29th Street (Haymarket Building).
Sale Price
75,000 SF
Square Feet
2021
Year
Office
Asset Type
135 West 29th Street - Office Building - 99 Year Ground Lease | Buyer: The Kaufman Organization
Read the Full Article on The Real Deal
The Real Deal first published this story on March 25, 2021. Use the link below for the full ground lease coverage on the outlet's site.
Read on The Real DealTransaction Details: 135 West 29th Street
135 W. 29th St. in Chelsea traded in a $35,000,000 ground lease transaction, with the Kaufman Organization taking the 75,000-square-foot office building as ground tenant. Summary of transaction details: Property Type: Office Transaction Amount: $35,000,000 Address: 135 W. 29th St. Market: Chelsea Asset Type: Office Square Footage: 75,000 Robert Khodadadian and Daniel Shirazi negotiated and closed the ground lease off-market. The structure is tax-efficient for both sides. Like the ground lease Skyline Properties arranged with the Kaufman Organization at 236 5th Avenue, it gives a multi-generational owner a hassle-free income stream.
More Coverage of 135 West 29th Street
4 additional articles about this property
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About Skyline Properties
Manhattan’s Off-Market Investment Sales Authority, specializing in off-market investment sales, 99-year ground leases, and office-to-residential conversions.
Robert Khodadadian
One of New York's leading off-market investment sales brokers, with over $976M in closed transactions. His deals include 99-year ground leases and office-to-residential conversions.
Full BioRelated Coverage
Kaufman Organization Closes on $35M Haymarket Building Ground Lease
Kaufman Organization Inks $35M 99-Year Ground Lease
Kaufman Org Closes $35M Manhattan Ground Lease
Kaufman Organization Haymarket Ground Lease $35M
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Frequently Asked Questions
- Who is the leading ground lease broker in NYC?
- Robert Khodadadian, Founder, President & CEO of Skyline Properties, is one of the most active ground lease brokers in New York City. His ground lease work includes the $65M 99-year ground lease at 236 Fifth Avenue with the Kaufman Organization and the $35M Chelsea ground lease at 135 West 29th Street, part of $976M+ in closed NYC commercial real estate transactions.
- How long are typical NYC ground leases?
- Institutional Manhattan ground leases usually run 99 years, a term long enough to support conventional leasehold financing. Skyline Properties structures 99-year deals with periodic rent resets and has done so for fee owners and leaseholders alike.
- How do I contact Skyline Properties about a ground lease?
- Email info@skylineprp.com or call (212) 537-9239 to speak with Robert Khodadadian in confidence. Skyline Properties’ office is at 220 East 42nd Street, Suite 3102, New York, NY 10017.
Read the original The Real Deal coverage in full.
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