David Werner, BLDG buy ground lease for $57M from Brookfield for office in Central Harlem

David Werner Real Estate Investments and BLDG Management through the entity 125th Street Office Center LLC paid $57 million to Brookfield Property Partners through the entity Harlem Center Office, LLC for a leasehold on the office condo (CR) at 105 West 125th Street in Central Harlem, Manhattan. The ground is owned by New York State.
The deal closed on May 26, 2021 and was recorded on June 10, 2021.
The property has 141,759 square feet of built space. The sale price per built square foot is $402 per the PincusCo analysis.
The owner bought the property on 9-Jan-19, for $44.6 million.
The signatory for Brookfield Property Partners was Robert Swennes. The signatory for David Werner Real Estate Investments was David Werner.

The Real Deal first reported in April that Werner agreed to purchase the lease.
Within a 400-foot radius of 105 West 125th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, one was in new building development. It was a new building permit issued on April 2, 2021 for a 357,425-square-foot R-2 building with 171 residential units at 126 West 126th Street.
Of those six items, one was for major renovation including a certificate of occupancy change. It was a permit applications filed on March 4, 2020 for the $834,000.0 renovation of 5,635-square-foot R-2 building with eight residential units at 135 West 126th Street.
Of those six items, two were sales above $5 million totaling $55.5 million. The most recent of the two was Regal Acquisitions which bought the 15,012-square-foot, four-unit office building (O5) on 286 Lenox Avenue for $10.2 million from Real Estate Equities Corporation on April 1, 2020.
Of those six items, two were loans above $5 million totaling $14.0 million. The most recent of the two was Regal Acquisitions which borrowed $7.0 million from TD Bank secured by the 15,012-square-foot, four-unit office building (O5) on 286 Lenox Avenue on March 26, 2021.

Direct link to Acris document. link