ABS and AEW ink 99-year net lease valued at $43M with Silk & Halpern Realty

ABS Partners Real Estate and AEW Capital Management through the entity P8 Abs-Ee 695 Lex Leaseco, LLC net leased from Silk & Halpern Realty Associates’s Silk & Halpern 57, LLC 1 parcel, including the tax class tower-type office building (O4) at 695 Lexington Avenue in Plaza District. The deal valued at $42.8 million, closed on August 01, 2019 and was recorded on August 20, 2019. The parcel has total development potential of 85,449 square feet.
The average lease price per square foot is $501.
The estimated cap rate is 5.8%
The 99-year net lease includes a right of first refusal for ABS and AEW. The last time the property sold was November 19, 2007, when a small stake in the property sold for $1,000,000.

Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $1,428,550.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link