MaryAnne Gilmartin’s L&L MAG has inked a 99-year ground lease for Edison Properties’ 241 West 28th Street for about $7 million per year with gradual increases, according to sources familiar with the deal. This puts the total value of the deal at least in the range of $700 million. L&L is planning to build a 22-story, 460-unit residential project on the lot that will span roughly 372,000 square feet, Gilmartin said. The building will be split […]
source https://therealdeal.com/2018/12/10/ll-mags-first-development-will-be-a-460-unit-resi-building-in-chelsea/
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