NEW YORK CITY—Dalan Management and RWNReal Estate Partners have purchased the 99-year groundlease for the Indigo—located at 230 E. 44th St.—for $47 million.The seller is a partnership of Atlantic RealtyGroup, Moezinia Bros. Capital and230 MD Member.
M&T Bank provided a $36.2 millionacquisition and renovation loan—brought in by HKS CapitalPartners—and Daniel Rahmani ofVenture Capital Properties brokered the deal. The14-story, 135,315 square-foot, mixed-use building features 164residential apartments, a 25,000 square foot parking garage and3,700 square feet of retail space that's fully occupied by arestaurant and a nail salon.
The building is on a ground lease and the joint venture buyersacquired the leasehold interest in the property. The leaseoriginally had 14 years remaining before a fair market rent resetwas to take effect. The buyer was able to sign a “softcontract” during which time it restructured the ground lease to abrand new 99-year-term with contractual rent, no fair market rentresets and other improved terms.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
