ESL Investments affiliate took control of two Manhattan leases valued at $61.2M from Kmart Corporation

An ESL Investments affiliate took control of two Manhattan leases valued at $61.2M from Kmart Corporation, which filed for bankruptcy in 2018. The affiliate, Transform KM LLC, is a subsidiary of Transform Holdco LLC, which is an affiliate of Eddie Lampert’s ESL Investments Inc., a hedge fund run by the former Sears CEO.

The first lease was at Vornado Realty Trust’s One Penn Plaza. There, Transform KM LLC acquired the lease from Kmart Corporation valued at $43.4 million. The deal closed on August 23, 2019, and was recorded on September 25, 2019.

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

The other transaction was at Vornado’s 770 Broadway. There, Transform KM LLC acquired the lease valued at $17.8 million from Kmart Corporation. The deal closed on August 23, 2019, and was recorded on September 25, 2019.

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