Adam Leitman Bailey, P.C. Completes 150-Year Ground Lease for Tribeca Condominium Development – Sample Transaction
150-year ground lease
137 Franklin Street a.k.a 200 West Broadway
Approx. 2,000 sq. ft. vacant lot on southwest corner of Franklin Street and Varick Street
Intended use: approx. 10,000 sq. ft. residential building
Landlord: 137 Franklin Street Realty LLC
Landlord’s counsel: Adam Leitman Bailey, P.C.
Tenant: REEC 137 Franklin Street LLC
Principal: Brandon Miller
Tenant’s counsel: Bryan Cave LLP, by Bradford B. Lavender, Esq.
Broker: New York Commercial Realty Services, by James Famularo
The closing of the transaction took place on May 11, 2010