New York City skyline
NEW YORK CITY— Safehold Inc., a real estate investment trust specializing in ground leases, has finalized a $285 million agreement to create a ground lease for 135 West 50th St. in New York City.
The transaction including a $25 billion domestic core real estate fund is subject to customary closing conditions, and is expected to lock-down by year-end.The 929,000-square-foot office tower is undergoing renovations for reintroduction back into the market. "Institutional owners of commercial real estate are increasingly turning to Safehold to maximize value during a recapitalization," said Marcos Alvarado, president and chief investment officer.
The Midtown Manhattan property is accessible to transit, hotels and amenities, making it an attractive proposition for future tenants upon coming back to the market.
Safehold has entered numerous agreements in New York City this year. Most recently the REIT signed a definitive agreement to create a $275 million Safehold ground lease at 195 Broadway. In addition, Safehold has announced four deals in the New York tri-state area, totaling almost $750 million square feet.
"We are helping some of the most sophisticated real estate investors be more efficient with their capital with our tailored solution," Alvarado said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
