Nightingale pays Extell $28M for Midtown leasehold

Ground lease at 20 East 46th reportedly has 27 years left

New York /
Jun.June 21, 2016 03:30 PM

Simon Singer and Elie Schwartz’s Nightingale Group acquired the ground lease for a 15-story Midtown office building from Extell Development, according to property records filed with the city Tuesday.

The firm paid $27.7 million for the leasehold at 20 East 46th Street, records show. The lease reportedly had 27 years left when Extell sold it to Nightingale.

Extell paid $17.4 million for the ground lease in 2006 from George Comfort & Sons. Extell first put the leasehold on the market back in 2012, asking $25 million for the property.

Representatives for Nightingale and Extell didn’t immediately respond to requests for comment.

The land is owned by the estate of Sol Goldman via Solil Management Corporation, which manages the assets of the late real estate mogul.

The 87,000-square-foot building, located between Madison and Fifth avenues, is largely leased to medical office tenants. It’s unclear how much of the building is occupied.

Overall, Midtown asking rents increased 2.3 percent to $78.42 per foot during the first three months of 2016, according to Cushman & Wakefield. Class A rents also grew 2.3 percent to $83.54 per foot. The Midtown vacancy rate was 9.3 percent.

The deal at 20 East 46th is about a dozen blocks south of Nightingale’s debut Manhattan purchase. 

Founded in 2005, the Midtown-based firm partnered with Friedland Properties last year to buy a $76 million operating lease at 645 Madison Avenue from TF Cornerstone. At the time, the 157,000-square-foot building had about 36,000 square feet of vacant retail space.


Related Articles

arrow_forward_ios
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Gary Barnett taps outsider as CEO of Extell
Gary Barnett taps outsider as CEO of Extell
Gary Barnett taps outsider as CEO of Extell
Extell's Gary Barnett and One57 (Getty)
One57 is 90% sold: Extell announces Q1 sales
One57 is 90% sold: Extell announces Q1 sales
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
The soft market for luxury units has some developers hard up. (Getty)
Buyers taking advantage of New York City’s condo glut
Buyers taking advantage of New York City’s condo glut
(Photography by Sasha Jones)
Believe it or not: Ripley’s, Modell’s, Liberty Theater abandon 42nd Street home
Believe it or not: Ripley’s, Modell’s, Liberty Theater abandon 42nd Street home
345 Park Avenue and Blackstone President Jonathan Gray (Google Maps, Twitter)
Blackstone expands Manhattan HQ
Blackstone expands Manhattan HQ
arrow_forward_ios

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

Loading...