Multifamily
Loft 55
Luxury Coop Conversion,
Manhattan
Located in Clinton, formerly Hell’s Kitchen. Loft 55, a residential coop building which brought loft-style living to the Hells Kitchen neighbourhood. Proximity of the new Time Warner Center, Lincoln Center and the Theater District appealed to buyers.
Loft 55 signed a 99 year ground lease with the building owner, then proceeded to subdivide the building and sell condop apartments. The lease was placed into the coop fees with the result that the developer never paid for the site and was able to sell the real estate nonetheless.
