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New York

Real Estate Equities buys ground lease for sites near High Line

Developer paid $21M for the 99-year lease

118 10th Avenue
118 10th Avenue

Michael Miller’s Real Estate Equities Corporation scooped up a 99-year ground lease for two adjacent properties on 10th Avenue near the High Line for $21 million, according to a memorandum of lease filed with the city.

The one-story building at 118 10th Avenue spans 13,760 square feet, and the building next door at 124 10th Avenue has 4,485 square feet across two stories. Together, the two properties have 63,000 square feet of residential development rights, or 48,000 square feet of commercial development rights.

The properties are between West 17th and 18th streets, and opposite HFZ Capital Group’s 501 West 17th Street.

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Benny Barmapov owns the properties, according to records.

Real Estate Equities Corporation (REEC), led by Michael Miller, has developed projects at 375 West Broadway and 344 West 14th Street.  The company partnered with Ben Shaoul’s Magnum Real Estate Group [TRDataCustom] to develop a condominiums at 196 Orchard Street in the Lower East Side. The firms paid $75 million for the assemblage of three adjacent parcels in 2014.

A representative from Real Estate Equities Corporation could not be immediately reached for comment.

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