NEW YORK—Benenson Capital Partners and Waterman Interests LLC have closed on a new, 75-year master lease secured by 400 Park Ave., a class-A, 21-story office and retail building located at 54th Street and Park Avenue in Midtown’s Plaza District.
Benenson Capital was represented in-house by Richard Kessler, COO, and James Stifel. CIO. Legal representation for Benenson Capital was provided by Bruce Leffler of Goldfarb & Fleece. Joshua Mermelstein of Fried Frank Harris Shriver & Jacobson LLP represented Waterman Interests LLC.
Benenson has owned the land under 400 Park Ave. since 1971. In 2010, Waterman Interests, in a joint venture with institutional investors advised by J.P. Morgan Asset Management, acquired the leasehold interest on the property from RFR Holdings LLC without utilizing any debt financing.
Since 2010, the Waterman partnership invested in the property, replacing exterior windows on several floors and replacing all elevators. With the extension of the leasehold term to 75 years, the Waterman partnership will continue to invest in the building and make significant changes to the ground floor retail space and entrance to the building.
“As with many of our triple net leases and long-term ground leases, my brothers and I believe our new lease with Waterman Interests provides superb long-term security for the Benenson family, with considerable upside potential,” said Lawrence Benenson, a principal at Benenson Capital Partners.
Originally constructed in 1957 and designed by Emery Roth & Sons, 400 Park Ave. is located one block from the Seagrams Building and is currently 70 percent occupied.