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Steve Hornstock Of ABS Partners & Randy Modell Of Modell Investment Team Sign 75-Year Ground Lease At 515 West 57th Street For $17.2M
LEASED
New York
See Similar DealsOffice46,000 SF
Leased 10/28/2025
LEASED
Steve Hornstock Of ABS Partners & Randy Modell Of Modell Investment Team Sign 75-Year Ground Lease At 515 West 57th Street For $17.2M
515 West 57th Street
See Similar DealsOffice46,000 SF
Leased 10/28/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$0
Total Square Footage:46,000 SF
Transaction Type:Lease
The office asset located at 515 West 57th Street in Hell’s Kitchen, Manhattan features a total square footage of 46,000. The office building has an associated market value of $17.2 million as assessed by the city.
Summary of transation details:
- Property Type: Office
- Transaction Amount: $17.2M
- Lease Term: 75 years
- Lease Type: Ground Lease
- Landlord: Eric Duke
- Tenant: Steve Hornstock - ABS Partners
- Tenant: Randy Modell - Modell Investment Team
- Address: 515 West 57th Street
- Market: Hell’s Kitchen, Manhattan
The transaction involved Eric Duke acting as the landlord, while the tenant representation was provided by Steve Hornstock of ABS Partners and Randy Modell of the Modell Investment Team. The lease established was a ground lease, ensuring long-term occupancy of the asset.
Details
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$2,636,692.24
Total Lease Value
$26,366,922.42
Net Landlord Cash Flow$2,636,692.24
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