Safehold Closes $275M Ground Lease at 195 Broadway
The new ground lease served the institutional owners in capitalizing on the property.
NEW YORK CITY — Safehold Inc., a real estate investment trust specializing in ground leases, has closed a $275 million ground lease for 195 Broadway in Downtown Manhattan. The new ground lease served the institutional venture including L&L Holding, Seoul-headquartered Korea Investment & Securities and Samsung in capitalizing the property after acquiring it in Septemeber.
“The closing of 195 Broadway highlights the growing momentum of our modern ground lease solution,” said Marcos Alvarado, president and CEO of Safehold, in a prepared statement.
In addition to 195 Broadway, Safehold has announced four deals in the New York tri-state area this year, totaling approximately $750 million, GlobeSt.com reported in September. The transactions were a part of the firm’s fast-growing expansion strategy to enter new markets.
A block from the World Trade Center Campus, 195 Broadway is comprised of 1 million-square-feet of office space and 22,000-square-feet of retail. Adjacent to the property is St. Paul’s Chapel of Trinity Church.