Guy Arad, Esq. recently handled the structuring and execution of a long-term master lease for three contiguous, multi-tenanted ground-level retail co-op units in SoHo, totaling approximately 8,000 square feet of above-grade space.

The approximately $50 million, 25-year master lease provided for a $25 million upfront payment to the landlord and included a 41-year extension option, a purchase option valued at approximately $69 million, and a right of first refusal for another property consisting of three multi-tenanted retail co-op units owned by a landlord affiliate in another prime SoHo location.

This transaction highlights the continued strength of Manhattan’s prime retail market and ongoing institutional investment in premier retail locations.