Kearns Handles 99-Year Ground Leases on Four NYC Office Buildings
The Wall Street Journal, New York Law Journal, The New York Times, The Real Deal and Real Estate Weekly reported that a joint venture between Kaufman Organization and Principal Life recently executed 99-year ground leases on four New York City office buildings from Extell Development in a deal valued at approximately $135 million. The properties are located at 119-125 West 24th Street; 13-15 West 27th Street; 19-21 West 24th Street; and 45-47 West 27th Street. The buildings were part of the portfolio owned until recently by Michael and Frank Ring. Thomas Kearns, with assistance from Hyman Kindler, served as lead counsel for the Kaufman/Principal venture in the transactions.