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

TRD 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

448 East 143rd Street in the Bronx (Credit: Google Maps)

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

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Stephen Levin, REBNY's Jim Whelan and Brad Lander (Credit: Getty Images)

The bill that won’t die: Will commercial rent control finally pass?

Renderings of Brookfield's Bankside in the South Bronx (Credit: ArX Solutions)

This is what Brookfield’s South Bronx megaproject will look like

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

John Legere (Credit: Getty Images)

WeWork reportedly in talks to hire T-Mobile exec as CEO

arrow_forward_ios