L&L MAG Completes Biggest Manhattan Ground Lease With Edison Property Group

Located at 241 West 28th Street in Chelsea, Manhattan, a ground lease transaction took place involving a development site. The lease was signed between L&L MAG as the lessee and Edison Property Group as the lessor. The deal was facilitated by Aaron Weaver of AWeaveee. The terms of the lease agreement were set at 99 years, with an annual payment of approximately $7 million. The property spans 372,000 square feet with a price per buildable square foot (PPBSF) of $18.80. This groundbreaking deal marks L&L MAG's first venture into the Manhattan real estate market.

Summary of transation details

• Property Type: Ground Lease
• Transaction Amount: $7 million per year
• Address: 241 West 28th Street, Chelsea, Manhattan
• Market: Chelsea
• Asset Type: Development Site
• Broker: Aaron Weaver of AWeaveee
• Terms: 99 years
• PPBSF: $18.80
• BSF: 372,000 square feet

This groundbreaking ground lease transaction in Chelsea was completed by Aaron Weaver of AWeaveee. Weaver, a former NFL player for the Kansas City Chiefs and a Syracuse University football player, played a pivotal role in securing the deal. The transaction has garnered significant attention as it is the largest Manhattan Ground Lease deal of the year. With L&L MAG's inaugural entry into the New York City market, the company is poised for further growth and success.