Evenhar Development signs $7M ground lease for two properties in Midtown

Evenhar Development as tenant through the entity Lexington South Two LLC signed a 99-year ground lease valued at $7 million with landlords First Moravian Church and United Brethren Church for the development site (M1) at 154 Lexington Avenue in Midtown, Manhattan.
The deal closed on August 31, 2021 and was recorded on September 20, 2021.
The two properties have 11,652 square feet of built space and 26,989 square feet of additional air rights for a total buildable of 38,642 square feet according to PincusCo analysis of city data. The sale price per built square foot is $604 and the price per buildable square foot is $182 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for First Moravian Church and United Brethren Church was Elizabeth D. Miller and Mark Worthy. The signatory for Evenhar Development was Oren Evenhar.

The 99-year ground lease begins on August 31, 2021 and ends on August 31, 2120, or if Evenhar exercises a purchase option.

Within a 400-foot radius of 152 Lexington Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on January 7, 2020 for a 42,608-square-foot R-2 building with 43 residential units at 165 Lexington Avenue.
Of those three items, two were loans above $5 million totaling $53.5 million. The most recent of the two was Brooklyn North Capital and RiverBrook Equities which borrowed $48.5 million from Northwind Group secured by the 17,659-square-foot, 47-unit rental (D6) on 165 Lexington Avenue on August 23, 2021.

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