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132 West 14th Street, New Y...

Updated Oct 15, 2026

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

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

132 West 14th Street, New York, NY 10011, USA

$30,000,000

$635/SF

Building Size

47,196 SF

Asset Type

Office

Closing

Jul 1, 2020

About this deal

AI

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:

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.

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$30,000,000

$635/SF

Office

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Players

James Nelson

Avison Young

Broker

$2.1B

vol

89 deals

Broker
KPG Funds
KPG FundsBuyer
TA
The Salvation ArmyLandlord
Greg Kraut

Greg Kraut

KPG Funds

Tenant

$267.4M

vol

11 deals

Tenant
Bilt advertisement

New York Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $635 per square foot on a published $30M for 47,196 square feet (2020).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.53%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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