August 9, 2019
ABS Partners Real Estate, East End Capital and AEW Capital Management closed on a new 99-year ground lease at 136 E. 57th St. in the Plaza District. Deal terms weren’t disclosed. The property has been owned and managed since the 1980s through a partnership controlled by Richard Halpern of Silk & Halpern Realty Associates.
“Our triumvirate investment group believe the ground lease structure is ideal for the fee owners and the new investment group because both parties efficiently achieve their goals, with the responsibility for new substantial investment to modernize the property falling upon the net lessee,” said ABS Partners’ Steven Hornstock.
The partnership has retained Gensler to design over $15 million of upgrades to reposition the 20-story building, which was designed by renowned architect Ely Jacques Kahn and built in 1937.
The 110,000-square-foot building is currently about 70% leased. Bank United is the largest tenant at 136 E. 57th.
For comments, questions or concerns, please contact Paul Bubny