Safehold, Four Winds pay $32.75M to Bi-Coastal Properties for rental in Murray Hill

Safehold Inc. through the entity 138 E 38th Street Ground Owner LLC paid $32.8 million to Jeffrey Elghanayan’s Bi-Coastal Properties through the entity Tatham House, LLC for 81-unit rental (D6) at 138 East 38th Street in Murray Hill, Manhattan. At the same time as Bi-Coastal Properties sold the property to Safehold, Safehold in turn bifurcated the property into a fee position which is held as landlord and a 99-year ground lease, which Four Winds Real Estate acquired as tenant, valued at $16 million. The original sale was brokered by JLL’s Bob Knakal, Stephen Palmese, Clint Olsen, Ethan Stanton, Jonathan Hageman, Stephen Godnick & Jacob Russell, as Traded New York reported. Prior reporting did not include Safehold as the fee buyer.

The deal closed on November 22, 2021 and was recorded on December 1, 2021.
The property has 49,198 square feet of built space and 197 square feet of additional air rights for a total buildable of 49,410 square feet according to PincusCo analysis of city data. The sale price per built square foot is $665 and the price per buildable square foot is $662 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 Bi-Coastal Properties was Jeffrey Elghanayan. The signatory for Safehold Inc. was Carrie E. Brown.
The former owners according to the Department of Housing Preservation and Development included Jefferey Elghanayan, head officer and Steve Jacob, site manager. The business entity is Tatham House, LLC.

Within a 400-foot radius of 138 East 38th Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, three were sales above $5 million totaling $21 million. The most recent of the three was Slawomir Platta which bought the 4,972-square-foot, two-unit mixed-use building (S1) on 119 East 38th Street for $6.5 million from Norman Alshooler on July 16, 2021.
Of those six items, three were loans above $5 million totaling $321.4 million. The most recent of the three was Norman Alshooler which borrowed $6.0 million from Empire State Certified Development Corporation secured by the 4,972-square-foot, two-unit mixed-use building (S1) on 119 East 38th Street on July 16, 2021.

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