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

132 West 14th Street 
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This Office property located in NY was sold for $30,000,000 over 3 years ago. The brokers of the deal were Andreas Metzger, Erik Edeen, Charles (Chas) Kingsley, Alexandra Marolda, and James Nelson

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.

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Deals
  • Location
    132 West 14th Street, New York, NY 10011, USA132 West 14th Street, New York, NY 10011, USA
  • Sale Price
    $30,000,000$30,000,000
    $635 PPSF$635 PPSF
  • Area
    47,196 SF47,196 SF
  • Asset Type
    OfficeOffice
  • Parties
    5 Brokers, 2 Agencies5 Brokers, 2 Agencies

Agents

Andreas Metzger

Andreas Metzger

Deals1
Sold$30M

Erik Edeen

Erik Edeen

Deals6
Sold$203.9M

James Nelson

James Nelson

Deals66
Financed$1.4B

Agencies

The Corcoran Group

The Corcoran Group

Agency
Deals475
Volume$7B

Avison Young

Avison Young

Agency
Deals808
Volume$17B

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Deal Summary

GROUND LEASE IMAGE: Charles Kingsley, Rod Kritsberg, Andreas Metzger, Gregory Kraut & James Nelson DATE: 07/2021 ADDRESS: 132 West 14th Street MARKET: Greenwich Village ASSET TYPE: Office TENANT: @KPG_Funds - Rod Kritsberg & Gregory Kraut LANDLORD: @SalvationArmyUS BROKERS: James Nelson, Charles Kingsley, Erik Edeen, Alexandra Marolda - Avison Young & Andreas Metzger - The Corcoran Group AMOUNT: $30,000,000 ~ TERM: 99-year NOTE: KPG will control the leasehold of the property and plans to develop a contemporary Class A office development named Le Gallerie, which will include an expansive lobby that also serves as an art gallery for its tenants.

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132 West 14th Street 

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