SL Green as tenant signs 99-year ground lease valued at $30M for office property in FiDi

SL Green Realty through the entity 126 Nassau Lessee LLC signed a 99-year ground lease with Melvin Heller as signatory for the Heller family’s JW Realty Co LLC, valued at $30 million, for 132 Nassau Street in the Financial District. PincusCo Media is first to report this transaction.

The deal closed on January 31, 2020, and was recorded on February 4, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 96,412 square feet. The parcel(s) have total development potential of 119,323 square feet.
The average sale price per square foot is $251.

SL Green has developed two large dormitory buildings for Pace University nearby. In 2013 it completed 180 Broadway, which is two blocks away, in a joint venture with Jeff Sutton; and in 2015 it completed 33 Beekman Street, a block east, in a joint venture with the Naftali Group.  J.W. Heller purchased the building in 1966 for $865,000, city records show.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $148,325.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link