KPG Funds signs ground lease valued at $22.1M with Salvation Army for office building in West Village

Greg Kraut’s KPG Funds through the entity 132 West 14th Street Ground Lessee LLC as tenant signed a ground lease value at $22.1 million with the Salvation Army as landlord for the (W9) building at 132-136 West 14th Street in West Village, Manhattan.
The deal closed on July 28, 2021 and was recorded on August 11, 2021.
The property has 47,196 square feet of built space and 0 square feet of additional air rights for a total buildable of 46,305 square feet according to PincusCo analysis of city data. The sale price per built square foot is $468 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Salvation Army was Adolph M. Orlando. The signatory for KPG Funds was Gregory Kraut.

The 99-year lease runs from July 28, 2021, to July 28, 2120. Gregory Kraut is co-founder of KPG Funds, which was founded in 2014.

The Real Deal reported on the lease last month.

KPG Funds through the entity 132 West 14th Street Ground Lessee LLC as borrower signed an acquisition loan with lender 360 Capital Management through the entity Db 360 LLC valued at $5 million for the building (W9) at 132-136 West 14th Street in West Village, Manhattan.

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