"Unsubordinated Fee Interest Subject to a Long-Term Ground Lease for Sale"
Massey Knakal Realty Services and Gallin Glick Sullivan O'Keefe have been retained on an exclusive basis to offer for sale the Fee Interest and Ground Lease for the properties having the addresses of 119-125 Madison Avenue and 27-29 East 30th Street in Manhattan. The ground is improved with 12 and 7-story elevatored apartment buildings containing 125 rental apartments as well as 9 retail spaces.
The lessee has a 49 year and 11 month lease expiring on February 28th, 2038. The Tenant has the option at any time to assign the lease to a Cooperative Housing Corporation, which will extend the lease for 150 years from the Conversion Date. The Landlord will continue to receive annual rent under the extension, which will increase by $75,000 every 10 years from the date of the conversion. The Landlord would also receive a Conversion Premium of up to $7,000,000 and would receive 20% of the net profits from the sellouts of the cooperative apartments. Based upon the December 2008 Rent Roll, the annualized gross rental income is $5,028,186.
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