SL Green Realty pays $28.4M to Karp Family for fee under ground-leased office building in Grand Central

SL Green Realty through the entity 461 Fifth Owner LLC paid $28.4 million to the Karp Family Associates through the entity Lane Owner LLC for the ground-leased fee under the office building (O4) at 461 Fifth Avenue in Grand Central, Manhattan. SL Green now controls the entire property, as it bought the leasehold from Mitsui Fudosan in 2003 for $62.3 million.
The deal closed on June 30, 2021 and was recorded on July 13, 2021.
The property has 201,387 square feet of built space and 0 square feet of additional air rights for a total buildable of 113,410 square feet according to PincusCo analysis of city data. The sale price per built square foot is $140 per the PincusCo analysis.

The signatory for the Karp Family Associates was Gerald Antell. The signatory for SL Green Realty Corporation was Andrew S. Levine.
Over the past five years, there have been 46 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 46 renovation/alteration projects (A2) applied for with a total estimated value of $4.7 million. One of the projects were to change the building from a E to a B and were permitted on October 10, 2007.
Within a 400-foot radius of 461 Fifth Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, two were sales above $5 million totaling $21.7 million. The most recent of the two was 445 Fifth Eighth Floor LLC which bought one condo unit in the 9,100-square-foot, 185-unit mixed-use building (RM) on 445 5th Avenue for $10.8 million from New York Public Library on December 4, 2019.
One of those three items was a loan which Larry Wohl borrowed $20.0 million from First Republic Bank secured by the 442,042-square-foot, 86-unit office building (O4) on 10 East 40th Street on December 5, 2019.

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