Collaborative Group is proud to announce the successful ground lease of 16 Beaver St in the Financial District. The 99 year lease deal works out to a valuation of around $12 million.
The mixed use commercial asset is comprised of 5 floors of office space and ground floor retail space. The majority of the retail space is occupied by Burger King.
The 41ft X 74ft building includes almost 16,000 sqft of existing space with approximately 24,000 sqft of unused air. The maximum allowable square footage is just under 40,000 sqft.
A large portion of the building is currently vacant and the occupied floors are collecting below market rents. The real estate is currently controlled by a master lease that expires at the end of 2021, at which point the entire building will be vacated. The new ground lease will commence in January of 2022.
CGNYC 