ABS signs ground lease for 150K sf in the Bronx

Company plans co-working space at one of two buildings acquired through 99-year deal

New York /
Feb.February 07, 2018 06:00 PM

ABS’ Steven Hornstock and 5500 Broadway in the Bronx (Credit: ABS and Google Maps)

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


Related Articles

arrow_forward_ios
1065-1075 Gerard Avenue in the Bronx 

Prana pays Related $36M in Bronx multifamily play

Prana pays Related $36M in Bronx multifamily play
448 East 143rd Street in the Bronx (Credit: Google Maps)

Private developer’s NYCHA project in Mott Haven lands $79M in financing

Private developer’s NYCHA project in Mott Haven lands $79M in financing
1159 and 1184 River Avenue with Maddd Equities' Jorge Madruga (left) and Joy Construction's Eli Weiss (right) (Credit: Google Maps)

Maddd Equities, Joy Construction score $64M for massive Bronx project

Maddd Equities, Joy Construction score $64M for massive Bronx project
The tax break allows foreign visitors to reclaim a sales tax of 20 percent on items bought in the country for more than £30 (Getty; Unsplash)

UK tax break expiration could hurt struggling retailers

UK tax break expiration could hurt struggling retailers
Istanye Park in Istanbul (Photo via Wikipedia Commons)

Turkish mall valued at $1B in deal with Qatar

Turkish mall valued at $1B in deal with Qatar
258 8th Avenue (Google, Target)

Target planning yet another NYC store in Chelsea

Target planning yet another NYC store in Chelsea
Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Two-year Tribeca foreclosure saga continues with lawsuit over $20M

Two-year Tribeca foreclosure saga continues with lawsuit over $20M
Adam America's Omri Sachs and Dvir Cohen with 2503-2509 Broadway (Google Maps; Adam America)

Adam America secures $63M in financing for Upper West Side project

Adam America secures $63M in financing for Upper West Side project
arrow_forward_ios

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

Loading...