167-171 Chrystie Street

167-171 Chrystie Street  |  44,000 BSF  |  $175MM  | 99-Year Ground Lease

Besen initially found a buyer offering $34 million for the property at 167-171 Chrystie Street, or roughly $800 per square foot, but the sellers declined and changed gears by seeking a ground lease instead, Cohen said.

And in the time that took, the exclusive contract between Besen and the seller expired, leading them to find another brokerage to work with.

But six months later, the sellers would come back to Besen, asking if they could bring back the buyer that was on the table in 2016. Cohen was eventually able to close the deal on a 99-year ground lease valued at $175 million after nearly two years in the making.

“I would call it a hallmark achievement and a deal that I’m very proud of,” Cohen said. “I got to delve into the intricacies that come along with a ground lease structure and the art of patience and persistence paid off.”

The property is located within a block of Ian Schrager’s newest 370-room hotel/condo hybrid project at 215 Chrystie Street, designed by renowned architect Herzog & de Meuron.  Prices there are stated to be upwards of $4,000/SF.  Other noteworthy Lower East Side development projects include The Hotel on Rivington, The LES Hotel, AvalonBay Apartments and The Ludlow.  The site is also around the corner from the New Museum of Contemporary Art and is surrounded by high-end shopping and restaurants including Whole Foods, Maison Kitsune, Freeman’s, and Mission Cantina.

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