Real Estate Equities Corp. Leases Development Site On Bowery For $50M

Real Estate Equities Corp. has entered into a lease agreement for a development site located at 156-166 Bowery in the Bowery market. The property, classified as a Class-A Office development site, was leased for a remarkable amount of $50,000,000. Spanning over 15,000 square feet, the site has a floor area ratio (FAR) of 6, allowing for a total buildable square footage (BSF) of 90,000. The lessor of the property is Kinsmen Property Group, represented by Ari Zagdanski. Real Estate Equities Corp. plans to construct a Class A office on the site.

Summary of transation details

• Property Type: Development Site (Class-A Office)
• Transaction Amount: $50,000,000
• Lot Size: 15,000 square feet
• Floor Area Ratio (FAR): 6
• Buildable Square Footage (BSF): 90,000
• Lessee: Real Estate Equities Corp.
• Lessor: Kinsmen Property Group - Ari Zagdanski

The lease transaction was facilitated by Brandon Klein, Brandon Miller, and Ted Robottom. They served as representatives of the lessee, Real Estate Equities Corp., in the deal. With their expertise and guidance, the successful lease agreement was reached between the two parties.