Safehold Inc. Acquires Mixed-use Ground Lease In Chelsea For $46.5M

A mixed-use property with 112 units located at 500 West 23rd Street in Chelsea, New York City, was recently sold in a ground lease transaction. The property was purchased by Jay Sugarman and Marcos Alvarado, who represent Safehold Inc. The seller of the property is The Brick Family. The deal was facilitated by Equity Residential, with Sam Zell as the developer. The transaction took place on August 9, 2021, and the purchase price was $46,500,000.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $46,500,000
• Units: 112
• Address: 500 West 23rd Street, Chelsea

Jay Sugarman and Marcos Alvarado, representing Safehold Inc., acquired the property in the ground lease deal. The seller, The Brick Family, agreed to the transaction facilitated by Equity Residential. Equity Residential, led by respected developer Sam Zell, is the second-largest owner of apartments in the United States. With approximately 80,000 units, Equity Residential is a publicly traded company on the New York Stock Exchange (NYSE). Sam Zell, who was born as Shmuel Zielonka in Chicago, is a billionaire businessman and philanthropist. According to Forbes, Zell had a net worth of $4.7 billion as of October 2020.