TF Cornerstone Buying a WV Ground Lease From Madison Capital for $31M
By Lauren Elkies Schram December 4, 2015 12:24 pm
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TF Cornerstone is in contract to purchase a 46-year ground lease for the retail co-op at the bottom of 475 Avenue of the Americas at West 12th Street for $31 million, Commercial Observer has learned.
The developer is buying the site from Madison Capital as part of a 1031 exchange, a source with knowledge of the deal told CO. TF Cornerstone recently sold a leasehold at 645 Madison Avenue at East 60th Street for $76 million. The West Village deal is slated to close this month.
The 13,037-square-foot retail co-op at 475 Avenue of the Americas is leased to CVS, Wells Fargo (WFC) and a parking garage, the source said.
This is the second property that was formerly 100-percent occupied by Food Emporium that Madison Capital is selling. CO reported last month that Jamestown purchased a 37-year master lease interest for a retail condominium that is home to a Lowe’s Home Improvement at 2008 Broadway at West 68th Street.
Eastdil Secured’s Adam Spies, Douglas Harmon, Joshua King and Brett Siegel brokered the West Village deal and the team represented TF Cornerstone at 645 Madison Avenue.
Mr. Spies declined to comment. Spokeswomen from Madison Capital and TF Cornerstone didn’t immediately respond to a request for comment.
