The Real Deal New York

Health care nonprofit buys 80 West End leasehold for $30M

Frank Ring paid $195M for UWS office building in 2014
By Konrad Putzier | July 14, 2016 03:30PM

Meridian-80-88 West_opt1

80 West End Avenue on the Upper West Side

Health care organization Lighthouse Guild International bought a commercial leasehold condominium at Frank Ring’s 80 West End Avenue from charity nonprofit United Cerebral Palsy for $30 million, property records filed with the city Thursday show.

In December 2013, United Cerebral Palsy signed a 30-year triple-net lease for the entire six-story, 174,000-square-foot building, at the time owned by Kushner Companies and Extell Development.  The lease was subsequently modified and is set to expire in 2047, with an option to extend until 2055.

Earlier this year, the nonprofit converted the leasehold into seven leasehold condominiums. Five of those condominiums now sold to Lighthouse, while UCP retains two. Lighthouse, which provides service to people who are blind or visually impaired, will be responsible for roughly 71 percent of the building’s annual lease payments and common charges through 2047. The nonprofit also has offices at 15 West 65th Street and 111 East 59th Street.

Ring bought the building for $195 million in 2014, shortly after selling his stake in the Midtown South Ring portfolio to Extell for $330 million. Kushner TRData LogoTINY and Extell paid a mere $85 million for the building a year earlier.