iStar’s Safehold Inc. pays $617M to Nuveen (formerly TIAA) for property in Plaza District

iStar’s Safehold Inc. through the entity 425 Park Ave Ground Owner LLC paid Nuveen (formerly TIAA) through its T-C 425 Park Avenue, LLC $616.8 million for the ground-leased fee under 425 Park Avenue in the Plaza District. The deal closed on November 25, 2019, and was recorded on December 9, 2019. L&L Holding Company controls the office building through a long-term ground lease.

The last time the property sold was May 26, 2011, when Nuveen acquired the ground-leased fee for $315,000,000. The lease runs until 2090.

Over the past five years, there have been 16 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 14 renovation/alteration projects (A2) applied for with a total estimated value of $38,036,908.There has been one new building permit application totaling 511,538 square feet. There has been one demolition project filed for the parcels over the past five years. The demolition included 17 residential units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link