Vanbarton Group to buy 31 Penn Plaza ground lease for $270M
Savanna paid $130 million for the property in 2011
The newly-formed Vanbarton Group is off to a hot start –– the firm has signed a contract to buy the ground lease at 31 Penn Plaza for $270 million.
Savanna is selling the leasehold, according to the New York Post. Vanbarton is helmed by Richard Coles and Gary Tischler. The 1997 ground lease runs through 2046. It also includes two 10-year options to buy the ground, the first of which commences on December 31, 2018 for about $30 million, according to the Post.
Eastdil Secured’s Douglas Harmon and Adam Spies marketed the site, according to the newspaper.