Aurora inks 99-year ground lease in Meatpacking District

Deal gives developer option to purchase property in five years for $65M

405-409 West 13th Street
405-409 West 13th Street

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.

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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