In a multi-part transaction, Admiral Capital Group and partner Four Winds Realty sold the ground-leased fee position under three buildings in the Lower East Side with 53 units to iStar’s Safehold Inc. for $20 million. At the same time, Admiral sold out its interest in the leaseholds on those same buildings to Four Winds for $26.5 million.
The three properties are 110 and 114 Ridge Street and 198-200 Rivington Street.
Admiral and Four Winds purchased the three properties for $42.8 million in 2015 as part of a four-property, $49 million acquisition. (The fifth property, 118 Ridge Street, was sold in 2017 for $9.6 million.)