Admiral Capital and Four Winds sell ground-leased fee to Safehold for $20M as part of $46.5M deal

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.)

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link