Cushman & Wakefield Arranges 99-Year Ground Lease for Manhattan Property

April 20, 2018

Posted on April 20, 2018 by David Cohen in Leasing Activity, Multifamily, New York, Northeast

NEW YORK CITY — Cushman & Wakefield has arranged a 99-year ground lease for 311 West 42nd Street in the Midtown West neighborhood of Manhattan. Terms of the lease were not disclosed. Taconic Investment Partners and National Real Estate Advisors have leased the property from owners 1199SEIU United Healthcare Workers East and plan to demolish the existing building and construct a 350,000-square-foot rental building with ground-floor retail. The planned development will include an affordable rental housing component. Cushman & Wakefield represented the owner in the transaction. 1199SEIU will remain in the current space until 2020, when the union will relocate to its new headquarters.