ABS Partners Real Estate is in the Bronx for the long haul.
The company signed a 99-year ground lease for two commercial properties in Marble Hill at 5500 Broadway and 2900 Exterior Street, Commercial Observer reported. At the latter address, ABS plans 15,000 square feet of co-working space. The total square footage of the two buildings is 150,000 square feet.
The agreement requires ABS to pay a total of $175 million over the life of of the lease, with payments over the first five years averaging $1.4 million. The landowner, MJ Martin & Son, sought to maintain a steady income from a lease deal instead of selling the buildings.
Cushman & Wakefield represented MJ Martin & Son on the deal.
Current tenants of the buildings include medical offices, a charter school and the New York City School Construction Authority. ABS said it will spend $3.5 million on renovations. [CO] — Will Parker