Long-Term Ground Lease to Prominent Manhattan Developer
Tannenbaum Helpern's Real Estate group represented the owners of an apartment building on Manhattan’s Upper West Side in connection with a 99 year ground lease to a major New York City developer of large-scale residential projects in Manhattan. The developer, after vacating and demolishing the existing building, intends on constructing a 30+ story first-class, residential apartment building. Tannenbaum Helpern assisted the property owners in structuring the transaction, and drafted and negotiated the ground lease. The transaction involved several complex and unique terms, including rights to continue to control apartment units until demolition, options to lease rental units (or acquire cooperative units, if the building is converted to a cooperative form of ownership) upon completion of the new building, and guarantees from the developer’s principal and letters of credit to insure rental payments and lien free completion of construction.