Real Estate Equities Corp. signs $50M ground lease with Kinsmen for Bowery buildings in Nolita

Real Estate Equities Corp. through the entity REEC 156 Bowery, LLC as tenant signed with Kinsmen Property Group’s 156-166 Bowery L.P. a 99-year ground lease valued at $50 million for 156 to 166 Bowery in Nolita. The deal closed on August 27, 2020, and was recorded on September 1, 2020. The transaction consists of 7 parcels, including the tax class retail building with apartments above (K4) and containing 11 residential units.

The ground lease was signed August 27, 2020, and runs for 99 years with an option to extend another 25 years. Ari Zagdanski was the signatory for Kinsman, which is a joint venture between Madison Group and State Building Group. Mark Seigel, managing partner at REEC, was the signatory for the tenant. The seven tax lots were acquired in two sales totaling $53.5 million. The first, for 162-166 Bowery, closed on June 6, 2017, for $23.5 miillion. The second for 156-160 Bowery, closed on November 15, 2018 for $30 million.

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The signatory for the tenant was Mark A Seigel.