Safehold acquires ground lease at 425 Park Avenue in New York City

Safehold acquires ground lease at 425 Park Avenue in New York City

Published at: 2019-12-03 15:59 | Author: CIJ USA
Safehold has completed the purchase of the existing ground lease at 425 Park Avenue in New York City for approximately $620m. Safehold will manage and own 55 percent of the retail space while the other 45 percent will be held by a sovereign wealth fund. Currently under construction, 425 Park Avenue will offer 670,000 sq ft of class A office space on 42 floors.

“We are excited to add the 425 Park ground lease to our portfolio,” said Jay Sugarman, chairman and CEO of Safehold. “2019 has been a breakthrough year for Safehold and the closing of the ground lease at 425 Park, the first new office building constructed on Park Avenue in over 50 years, represents another significant milestone for the company. We look to finish the year strong and are excited to push forward with our plans for expansion in 2020.”

Similar Stories:

Riverstone Capital buys West Palm Beach for $19.6m
Riverstone Capital Group has acquired a retail center anchored by a Walmart Neighborhood M  »
Continental Realty buys Mango Plaza for $12.5m
Continental Realty Corporation has purchased Mango Plaza, a 166,465 sq ft shopping center  »
KPR buys Shops at Blue Bell for $29.35m
KPR, formerly known as Katz Properties, has purchased the Shops at Blue Bell retail center  »
Hampshire wins refinancing for Veterans Square Center in NJ
The Hampshire Companies has secured a $32m loan to refinance the Veterans Square Town Cent  »
“It has finally reached the point where it is the fair-haired child of commercial real e   »
The only new enclosed mall on course to open in Florida is The Mall at University Town Cen   »
As Florida pushes ahead of New York to become the third most populous state in the country   »