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SL Green Enters Ground Lease for Downtown Office Build
SL Green Realty Corp. entered into a 99-year ground lease of 126-132 Nassau St., located at the corner of Nassau and Beekman streets. The REIT intends to develop a new, as-of-right, 215,000-square-foot building on the site and has secured a user for a long-term net ground lease condominium of the building.
The existing 98,412-square-foot office building will be demolished to make way for the new tower. SL Green reportedly paid $30 million for the ground lease in what will be its fourth downtown development.
“Lower Manhattan has become a global destination, serving as a hub of commercial, residential and retail activity, and we’re confident this development will build upon the momentum that downtown continues to enjoy,” said Brett Herschenfeld, managing director of SL Green.
NKF’s David Falk and Kyle Ciminelli represented the buyer on the 30-year leasehold condominium. Their colleagues, Ross Berkowitz and Ariel Schuster, consulted on the transaction.
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