Tribeca Associates to buy 30 Broad leasehold for $130M

Baccarat co-developer will take control of 47-story FiDi office tower from Gotham Realty

New York /
Jan.January 21, 2016 04:45 PM

Tribeca Associates is in contract to acquire the leasehold on the 47-story office tower at 30 Broad Street in a deal valued at around $130 million.

The Tribeca-based developer will take control of the nearly 477,000-square-foot Financial District property from a partnership led by Gotham Realty Holdings. The leasehold runs through 2079, with Tribeca Associates paying $2.7 million in annual rent to the estate of late developer Sol Goldman, which owns the property, through 2035.

After 2035, the terms of the leasehold will change so that the annual rent resets to 4.5 percent of the market value of the land, according to Crain’s.

A JLL team of Scott Latham, Inbal Himelblau-Denman, Anthony Ledesma and Stephen Shapiro handled the deal for Gotham Realty, which put its stake in 30 Broad Street on the market in 2014 for an asking price of nearly $170 million, as The Real Deal reported.

Gotham, led by Charles Ishay, acquired the leasehold on the office building from Murray Hill Properties – now MHP Real Estate Services – for $99 million in 2006, when annual rent on the property was $430,000.

Tribeca Associates, led by managing partners Bill Brodsky, Elliott Ingerman and Mark Gordon, is best known for the Baccarat Hotel and Residences at 20 West 53rd Street in Midtown, which it co-developed alongside Barry Sternlicht’s Starwood Capital Group.

Tribeca and Starwood successfully managed to sell most of the Baccarat’s high-priced condos in the last year, and agreed a deal to sell the project’s hotel portion to Chinese insurer Sunshine Insurance Group for $230 million last February – reportedly setting a roughly $2 million-per-room price record. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
From left: Adam Altman, Martin Nussbaum, Brian Cooper, Joe Koicim
Photos: Inside Slate Property Group’s holiday party at Casa Cipriani
Photos: Inside Slate Property Group’s holiday party at Casa Cipriani
JLL Income's Allan Swaringen
JLL really wants to be a single-family megalandlord
JLL really wants to be a single-family megalandlord
JLL’s Bob Knakal and Jonathan Hageman with 245 West 55th Street (JLL, LoopNet)
Oscar-winning film lab selling Midtown property after 100 years
Oscar-winning film lab selling Midtown property after 100 years
(Illustration by The Real Deal with Getty)
Northeast industrial market still breaking records, but may have peaked
Northeast industrial market still breaking records, but may have peaked
Michael Remer and Richard Hodos (JLL, Getty)
Top retail broker Richard Hodos jumps from CBRE to JLL
Top retail broker Richard Hodos jumps from CBRE to JLL
RIPCO Real Estate’s Gene Spiegelman and Peter Ripka, JLL’s Matthew Ogle and Erin Grace (RIPCONY, JLL, Getty)
RIPCO, JLL take home REBNY’s retail deal of the year awards
RIPCO, JLL take home REBNY’s retail deal of the year awards
The development site at Long Island MacArthur Airport in Ronkonkoma  and JLL's Christian Ulbrich (Getty)
Ronkonkoma megadevelopment to drop arenas
Ronkonkoma megadevelopment to drop arenas
From left: CBRE's Daniel Kaplan and William Shanahan along with 231 East 76th Street and 340 East 52nd Street (Google Maps, CBRE, LinkedIn/Daniel Kaplan)
TRD Pro: Here are NYC’s top portfolio deals of the quarter
TRD Pro: Here are NYC’s top portfolio deals of the quarter
arrow_forward_ios

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

Loading...