iStar’s Safehold pays $275M to JPMorgan Asset Management, L&L Holding for 195 Broadway fee in FiDi

iStar’s Safehold through the entity 195 Broadway Ground Owner LLC paid JPMorgan Asset Management, L&L Holding and Beacon Capital’s 195 Newco Fee Owner LLC $275.0 million for the fee ownership of 195 Broadway in Financial District. The deal closed on November 1, 2019, and was recorded on November 7, 2019. The building is 1,052,861 square feet, and as part of the new ownership structure Safehold owns the fee and a Korean investment venture has a 99-year ground lease for the office tower.

The last time the property sold was November 26, 2013, when JPMorgan Asset Management bought it for $498,450,000, keeping L&L and Beacon in on the deal.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 1, 2012.
Over the past five years, there have been 90 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 90 renovation/alteration projects (A2) applied for with a total estimated value of $65,304,431.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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