Steve Hornstock Of ABS Partners & Randy Modell Of Modell Investment Team Sign 75-Year Ground Lease At 515 West 57th Street For $17.2M

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.