KPG Funds Acquires Ground Lease For $30M In Greenwich Village

132 West 14th Street in Greenwich Village has been involved in a ground lease transaction. The deal took place in July 2021 and the property type is an office building. The tenant of the property is KPG Funds, represented by Rod Kritsberg and Gregory Kraut. The landlord is the Salvation Army. The brokers involved in the deal include James Nelson, Charles Kingsley, Erik Edeen, Alexandra Marolda from Avison Young, and Andreas Metzger from The Corcoran Group. The total amount for the lease is $30,000,000 and it has a term of 99 years.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $30,000,000
• Tenant: KPG Funds (Rod Kritsberg & Gregory Kraut)
• Landlord: Salvation Army
• Brokers: James Nelson, Charles Kingsley, Erik Edeen, Alexandra Marolda (Avison Young), Andreas Metzger (The Corcoran Group)

KPG Funds will have control over the leasehold of the property. They have plans to develop a contemporary Class A office development called Le Gallerie. The development will feature an expansive lobby that will also serve as an art gallery for its tenants.