The-Indigo-NYC

Dalan Management, RWN Real Estate Partners Buy NYC Midtown Ground Lease for $47M

by Amy Works

NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to purchase the long-term leasehold of The Indigo in Midtown East for $47 million. Located at 230 East 44th St., the 14-story, 135,315-square-foot building features 164 residential units, the Piccolo Fiore restaurant, Pink Blossom Nail Salon and a 25,000-square-foot parking garage. The buyers acquired the leasehold interest in the property and restructured the ground lease to include a 99-year term with contractual rent and no fair market rent resets. The seller is a partnership of Atlantic Realty Group, Moezinia Bros. Capital and 230 MD Member. M&T Bank provided financing for the acquisition. Venture Capital Properties represented the seller in the transaction.

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