iStar pays $45M to GFI for ground under Downtown Brooklyn hotel

iStar through the entity 61 Bond Street Ground Owner LLC paid GFI Capital Resources Group’s Bond Street Owner LLC $45.0 million for the ground under 61 Bond Street in Downtown Brooklyn. The deal closed on February 1, 2021 and was recorded on February 10, 2021. The transaction consists of 1 parcel, including the tax class luxury type hotel built after 1960 (H2). The property is 165,534 square feet. The parcel(s) have total development potential of 165,534 square feet.
The average sale price per square foot is $272.

GFI sold the ground to iStar, while refinancing the ground-leased position with a $35 million loan from iStar. iStar purchased the loans including the building loan with $31.26 million outstanding and another loan with $11.24 million outstanding. The last time the property sold was May 15, 2014 for $13,475,000. IStar is the largest shareholder in Safehold, Inc. The signatory for iStar was Douglas Heitner, who is counsel for both iStar and Safehold.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $4,000.

Direct link to Acris document. link