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Safehold to Pay $620 Million for Ground Lease in Largest US Office Market

At Nearly Double the Price Paid in 2006, Sale Looks to Set Local Record for 2019
New York City's L&L Holding Co. is readying a brand-new office tower at 425 Park Ave. (L&L Holding Co.)
New York City's L&L Holding Co. is readying a brand-new office tower at 425 Park Ave. (L&L Holding Co.)
By Diana Bell
August 6, 2019 | 11:18 P.M.

A real estate investment trust in New York City is making a major, rare bet on the ground underneath a still-to-come glass tower in the Plaza District, the most expensive section of the nation's biggest office market.

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