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Rare Opportunity in New York City
A extremely well-located fee position (the land under an existing building) can be purchased in Midtown Manhattan. This would be a perfect opportunity for a very long-term buyer; either a large organization or wealthy family that is interested in a very safe investment for generational wealth preservation purposes or in order to diversify a large portfolio.
This is a low-yield situation, as any land deal is, but to be able to find a deal like this in Manhattan is not a common thing.
The term of the current leasehold is 75 years, with rent resets in 2021, 2042 and 2063. Current yield is below 3%.
The real estate over the land is absolutely first rate and the operator one of the best in the country. The purchase price is between $150-200M.
If you or someone you know has an appetite for this type of investment, please reach out so we can discuss.
This is a low-yield situation, as any land deal is, but to be able to find a deal like this in Manhattan is not a common thing.
The term of the current leasehold is 75 years, with rent resets in 2021, 2042 and 2063. Current yield is below 3%.
The real estate over the land is absolutely first rate and the operator one of the best in the country. The purchase price is between $150-200M.
If you or someone you know has an appetite for this type of investment, please reach out so we can discuss.
Comment
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Comment by Andrew G. Simon on December 3, 2009 at 10:34am -
Current rent schedule is $3.2M thru 12/31/2011; $3.6M thru 12/31/2016 and $3.9M thru 12/31/2021.
The reset is then based on 7% of an assessment of the value at property's highest and best use for a 21 year term, then 2 additional 21 year periods at 8% of same.
The current improvements are a close to 400,000 sf office building.
A buyer needs to also factor in paying a brokerage fee, which we can discuss if you feel this still meets their criteria.
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Comment by David J. Neff on December 3, 2009 at 10:27am
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Can you provide additional terms? Without any pertinent info....I may have someone there in NY who might be interested.
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