A Midtown Manhattan office building spanning 920K SF has been put up for auction, with a starting bid of just $7.5M. Swiss banking giant UBS controls the monolithic 135 W. 50th St. via a ground lease, which it enlisted a team of JLL brokers to market for sale. Rather than going the traditional route of releasing a call for offers to the brokerage and investment community, UBS and JLL put the leasehold interest on online auction platform Ten-X, The Real Deal reported.
UBS didn`t immediately respond to Bisnow’s request for comment. A JLL spokesperson declined to comment...
RSK: This is a classic example of how a ground lease can affect the value of a property. If anyone has had experience with owning, selling, leasing a building with a ground lease please email us at cirexnews@gmail.com...
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- - Volume: 24 - WEEK: 28 Date: 7/9/2024 7:37:44 AM -