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Danny Queenan Of Trammell Crow Company Acquires Ground Lease From Laurence Gluck And Carolwood For $14.7M

Property Image
SOLD
$14,700,000

New York

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Development Site18,705 SF
Sold 06/16/2025
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Property Image
SOLD

Danny Queenan Of Trammell Crow Company Acquires Ground Lease From Laurence Gluck And Carolwood For $14.7M

126 Lafayette Street

See Similar Deals
Development Site18,705 SF
Sold 06/16/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$785
Total Square Footage:18,705 SF
Transaction Type:Sale

The property involved in this transaction is a development site located at 126 Lafayette Street in SoHo, Manhattan. The sale price for the ground lease was $14,700,000, encompassing 18,705 square feet, which equates to a price per square foot of $786.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $14,700,000
  • Address: 126 Lafayette Street
  • Market: SoHo, Manhattan
  • Buyer: Danny Queenan - Trammell Crow Company
  • Seller: Laurence Gluck - Stellar Management & Carolwood

Danny Queenan, representing Trammell Crow Company, engaged in the acquisition of the ground lease from sellers Laurence Gluck of Stellar Management and Carolwood, indicating a strategic move for a planned ground-up development.

Players

TC
Trammell Crow
BUYER
LG
Stellar Management
Laurence Gluck
6 deals$917.7M volume
SELLER
Stellar Management
Stellar Management
SELLER

Details

SOLD
IMAGE: GROUND LEASE IMAGE: Danny Queenan & Laurence Gluck DATE: 06/16/2025 ADDRESS: 126 Lafayette Street MARKET: SoHo, Manhattan ASSET TYPE: Development Site BUYER: Danny Queenan - Trammell Crow Company SELLER: Laurence Gluck - Stellar Management (@StellarManagement) & Carolwood SALE PRICE: $14,700,000 SF: 18,705 ~ PPSF: $786 NOTE: Trammell Crow Company acquired a ground lease for $14.7 million at 126 Lafayette Street in SoHo from Stellar Management and Carolwood for a planned ground-up development.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$784,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$52,225.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$69,685.50
Annual Debt Service$836,226.00