Search
 

Tenants of Trump Plaza Purchase Its Land

NEW YORK CITY—Residents of the Upper East Side co-op building have ended their 32-year lease of the building's ground, avoiding a potential rate hike.

By Rayna Katz | Updated on June 15, 2015

NEW YORK CITY—Trump Plaza, a 39-story luxury cooperative building at 167 E. 61st St. on Manhattan’s Upper East Side, has closed on the purchase of its land ending a 32-year land lease. The purchase price was undisclosed but reportedly was around $190 million.

The tenant shareholders purchased the land together avoiding a pending increase in lease payments. The co-op completed the acquisition by assessment and by refinancing its existing debt and lowering its total interest cost. Balance sheets remain extremely strong.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.