Tribeca Associates is in contract to acquire the leasehold on the 47-story office tower at 30 Broad Street in a deal valued at around $130 million.
The Tribeca-based developer will take control of the nearly 477,000-square-foot Financial District property from a partnership led by Gotham Realty Holdings. The leasehold runs through 2079, with Tribeca Associates paying $2.7 million in annual rent to the estate of late developer Sol Goldman, which owns the property, through 2035.
After 2035, the terms of the leasehold will change so that the annual rent resets to 4.5 percent of the market value of the land, according to Crain’s.
A JLL team led by Scott Latham handled the deal for Gotham Realty, which put its stake in 30 Broad Street on the market in 2014 for an asking price of nearly $170 million, as The Real Deal reported.
Gotham, led by Charles Ishay, acquired the leasehold on the office building from Murray Hill Properties – now MHP Real Estate Services – for $99 million in 2006, when annual rent on the property was $430,000.
Tribeca Associates, led by managing partners Bill Brodsky, Elliott Ingerman and Mark Gordon, is best known for the Baccarat Hotel and Residences at 20 West 53rd Street in Midtown, which it co-developed alongside Barry Sternlicht’s Starwood Capital Group.
Tribeca and Starwood successfully managed to sell most of the Baccarat’s high-priced condos in the last year, and agreed a deal to sell the project’s hotel portion to Chinese insurer Sunshine Insurance Group for $230 million last February – reportedly setting a roughly $2 million-per-room price record. [Crain’s] – Rey Mashayekhi
Source: The Real Deal