iStar’s Safehold REIT buys leased fee from Madison Marquette for $65M

iStar’s Safehold REIT through the entity 1201-31 Lafayette Ground Owner LLC paid Madison Marquette and Perella Weinberg Partners Capital Management’s Lafayette Avenue LL, LLC $64.6 million for the fee position under 1 parcel, including the tax class office building with ten stories or more (side street type) (O2) at 1201 Lafayette Avenue in Hunts Point. The deal closed on August 01, 2019 and was recorded on August 29, 2019. The parcel has total development potential of 367,472 square feet. There was no debt recorded with the purchase.
The average sale price per square foot is $176.
The last time the property sold was September 11, 2014, for $114,000,000. The Madison Marquette and Perella partnership continues to own the ground lease and building.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 30, 2012.
Over the past five years, there have been 8 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 8 renovation/alteration projects (A2) applied for with a total estimated value of $938,895.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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