Kearns and Silverman Handle 99-Year Ground Lease for Kaufman/Goldman Sachs Joint Venture
The New York Law Journal, Real Estate Weekly, The Real Deal and Crains reported that a joint venture between Kaufman Organization and Goldman Sachs recently executed a 99-year ground lease on 155 West 23rd Street from Extell Development in a deal valued at approximately $45 million. The 12-story, 82,000-square-foot building is the fifth building Kaufman has ground-leased from the portfolio owned until recently by Michael and Frank Ring. The Kaufman/Goldman joint venture plans to expend $10 million refurbishing the building into a desirable space for office tenants. Thomas Kearns and Kenneth Silverman represented Kaufman in the joint venture with Goldman Sachs and Tom was lead counsel for the venture in the 99 year lease transaction with Extell.