B6 is marking a 240,000-square foot site in the Bronx with the aim of securing a 99-year ground lease.
The site, located at 350 Grand Concourse, is currently a gas station owned by GS Humane Corp., a private foundation based in New York primarily focused on animal welfare, education, combatting hate and anti-Semitism and Jewish education. Its founder, Gene Shapiro, who passed away in 2015 was a gas and oil broker who owned multiple gas station properties throughout NYC.
The reason for the ground lease vs. a sale is that the foundation was built through triple net leases and the 99-year ground lease allows the site to stay within the foundation.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
