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Aurora inks 99-year ground lease in Meatpacking District
Deal gives developer option to purchase property in five years for $65M
Aurora Capital Associates added to its large portfolio of properties in the Meatpacking District with a ground lease that comes with the option to buy the property in five years.
The firm inked a 99-year deal in August with property owner Richard Copell to take control of the three-story, 32,000-square-foot property at 405-409 West 13th Street for $65 million, Crain’s reported.
The deal gives Aurora the right to purchase the property within the next five years. A source familiar with the transaction told Crain’s that Aurora will likely exercise the option.
Aurora has become one of the largest property owners in the neighborhood, which it is remaking with several large-scale development projects. The developer recently closed on a $120 million construction loan for its boutique Solar Carve office building at 40 10th Avenue, which it controls through a ground lease with the William Gottlieb estate.
The company also signed insurance giant Aetna to take all 145,000 square feet at the 61 Ninth Avenue office building it’s co-developing with Vornado Realty Trust. [Crain’s] – Rich Bockmann