Sun's rising rent opportunities tempt investor to spend $26M.The remaining 44 years of a 49-year leasehold interest, in the retail, parking and second floor components, within a spectacular Downtown Manhattan landmark known as The Sun Building at 280 Broadway, has just traded for $26.2 million. Eastern Consolidated's Brian Ezratty, Vice Chairman, together with Scott Ellard, Director, Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , exclusively represented the seller, an affiliate of an institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Eastern also procured the buyer, Fram LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a local investor who owns many residential and retail properties. The seven-story building is owned by the City of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and occupied by many City agencies on the third through seventh floors. It commands the entire block front along Broadway, between Chambers and Reade Streets, and is strategically positioned at the center point between the municipal, state and federal courthouses to the east, the financial district to the south and the extremely desirable TriBeCa and SoHo residential neighborhoods to the north and west. "The significance of the sale of this master leasehold, consisting of the ground floor, second floor and lower level of the landmark Sun Building, is that the new owner will benefit from pre-set rent payments, with predictable increases that are locked-in throughout its term," said Mr. Ezratty, who explained that this differs from many operating leaseholds with rent payments determined by regular re-appraisals of the value of the land. "Since the term of the master leasehold is long and the leases, which are well below market rents, expire relatively soon, the new owner will have an opportunity to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. significant rental increases upon rollover A graphic element in an application or on a Web page that changes its color or shape when the pointer is moved (rolled) over it. See JavaScript rollover. See also n-key rollover. ," added Mr. Ellard. The Sun Building, aka 53-63 Chambers Street and 37 Reade Street, has been the recent recipient of a $25 million tenant improvement program. Extensive work has also been completed on the exterior facade and interior common areas. Tenants occupying the floors covered by the master leasehold are: JP Morgan Chase, Radio Shack, Duane Reade, Modell's Sporting Goods, GGMC GGMC Guyana Geology and Mines Commission Parking and a newly-renovated second floor dance studio/performance space. Joel Rabine of Rabine & Nickelsburg was the attorney who represented the buyer, while Solomon & Weinberg acted for the seller. |
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