NorthEnd to buy leasehold at 16 West 36th Street

New York /
Mar.March 02, 2012 12:30 PM

NorthEnd Equities, an investment firm headed by investor Charles Herzka, is set to acquire the leasehold on a 65,000-square-foot office building at 16 West 36th Street, between Fifth and Sixth avenues, the New York Observer reported.

NorthEnd made the leasehold deal for $8.2 million or $130 per foot, according to Eric Meyer, senior managing director at Colliers International, who brokered the transaction on both sides; the leasehold expires in 30 years, he added.

A significant portion of the building’s space is slated to free up this spring as leases expire, the Observer noted, giving NorthEnd the opportunity to attract new tenants and increase rent roll at the property.

“Leaseholds that stretch for 75 years or more typically trade for about the value of the property,” Meyer said. “When they start to get below 50 years their value begins to decrease exponentially, usually every decade.” [NYO]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
M&T CFO Darren King (The Org and iStock)
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Real estate lender’s bleak outlook and earnings decline perplexes analysts
Tamir Shemesh (Getty Images, iStock)
Top broker Tamir Shemesh out at Douglas Elliman
Top broker Tamir Shemesh out at Douglas Elliman
Goldman Sachs CEO David Solomon and National Affordable Housing Trust CEO Lori Little (Getty, National Affordable Housing Trust, iStock)
Goldman Sachs to launch fund supporting Black affordable developers
Goldman Sachs to launch fund supporting Black affordable developers
(iStock/Illustration by Kevin Rebong for The Real Deal)
Existing home sales hit 15-year high in 2021
Existing home sales hit 15-year high in 2021
From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
Real estate showers Hochul with cash
Real estate showers Hochul with cash
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...