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    1900000000 USD
    New York
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    Hasan Yalkin

    Phone:+90 533 851 76 36

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    Property Description

    Office building for sale in New York 42-story, 1.7 million square foot 
    •  the Property features 1,616,951 square feet of office space and 49,633 square feet of ground floor retail space.
    • A new, 99-year ground lease allows the leasehold owner to benefit from a stable long-term lease structure with amenable future rent increases.
    • Ownership has successfully executed approximately 1.4 million square feet of new leases at the Property in the past two years, despite the previous short-term ground lease which was set to expire in 2028.
    • Near-term upside achieved through leasing the remainder of the vacant space (196,763 square feet) at today’s rapidly appreciating rental rates.
    • With a weighted average expiration of July 2033 (19.1 years), the current tenants represent approximately $1.8 billion of contractual base rental revenue over the existing lease terms.
    • Was the first, and continues to be one of the largest stainless steel-clad office buildings in the world.
    • Given the short duration of the previous ground lease, which was set to expire in 2028, all recently signed leases were executed at a discount to fair market rental rates, providing future upside opportunities.
    • Since this building was constructed in 1956, the Leasehold has only been available for purchase once.
    • Unique mix of floorplates ranging from 100,000 square feet at the base to 25,000 square feet in the tower.

    USD $ 1.9b – Buyer fees may be incurred

    Zip: new004
    Country: United States
    Property Id: 19765
    Price: 1900000000 USD
    Property Size: 1616951 m2
    Year Built: 1956
    Banquet room
    Meeting rooms

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