MAG Partners clinches 99-year Chelsea ground lease – Robert Khodadadian

, MAG Partners clinches 99-year Chelsea ground lease – Robert Khodadadian, Robert Khodadadian

MAG Partners has closed on a 99-year ground lease for a Chelsea development site. MaryAnne Gilmartin’s three-year-old firm inked a deal on the northwest corner of Eighth Avenue and West 26th Street with Mutual Redevelopment Houses. The parties declined to discuss the financial terms for the deal. Sources told the lease starts with an annual rent of around $2 million and has yearly rent increases that are expected to bring in over

 MAG Partners has closed on a 99-year ground lease for a Chelsea development site. MaryAnne Gilmartin’s three-year-old firm inked a deal on the northwest corner of Eighth Avenue and West 26th Street with Mutual Redevelopment Houses. The parties declined to discuss the financial terms for the deal. Sources told the lease starts with an annual rent of around $2 million and has yearly rent increases that are expected to bring in over
The post MAG Partners clinches 99-year Chelsea ground lease appeared first on New York.  Commercial Real Estate, Home Page, Chelsea, Development, MAG Partners The Real Deal New York 

Lead by real estate veteran Robert Khodadadian, has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

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