Gene Kaufman inks 99-year ground lease valued at $22M with Triumph Hotels for office building in Times Squar

Gene Kaufman, the architect, through the entity GK West 47th LLC signed a 99-year ground lease with landlord Gerald Barad and Shimmie Horn’s Triumph Hotels’s 226 Realty LLC valued at $21.9 million for 224 West 47th Street in Times Square. The deal closed on December 20, 2019, and was recorded on December 30, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 33,659 square feet.
The average sale price per square foot is $650.

Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $2,200,000. Those filings sought to increase the number of residential units by 96 to 96 There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $1,050,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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