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Waterman Signs 75-Year Master Lease, with a JV, at 400 Park Ave.

NEW YORK CITY-The ground-lease holder, Benenson, has been in possession of the property for 42 years.

By Rayna Katz | Updated on April 30, 2013

NEW YORK CITY-Seizing on their similarities rather than their differences, ground-lease holder Benenson Capital Partners and leasehold owner Waterman Interests, LLC announced Tuesday they have closed on a 75-year master lease for 400 Park Ave. The class A office and retail building, sits in Midtown’s Plaza district, on the corner of 54th Street.

Benenson has owned the land under 400 Park Avenue since 1971 and Waterman Interests, in a joint venture with institutional investors advised by J.P. Morgan Asset Management, acquired the leasehold interest on the property in August of 2010 from RFR Holdings LLC without utilizing any debt financing, and continues to hold the asset free and clear. Following Waterman’s acquisition, principals of Benenson and Waterman began discussing a new master Lease, according to the announcement.

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