EP-049Executive prep workbenchAIREx supports negotiations — never contacts counterparties or commits on your behalf

Negotiation Intelligence™

Organize property, organization, comparables, market, risk, capital, and timeline evidence — then generate a brief, talking points, questions, alternative structures, trade-off analysis, and concession planning for a specific negotiation.

Active negotiation
Owner · Sterling Legacy Holdings LLC · deadline 2026-08-14
1120 Broadway — Air Rights Acquisition
PREPPosture: mixedZOPA $41.04M – $43.20M
Readiness
68/100
Our leverage
58/100
Their urgency
30/100
Our urgency
92/100
Property history

1120 Broadway, New York, NY

Parcel
1-00871-0021
Year built
1908
GSF
62,000
Zoning
C6-4A (FAR 10.0 with bonus)
Last sale
$34.50M
2016-03-22
AIRScore
84
+6 8Q
Encumbrances
Ground lease expiring 2043Preservation easement on facade
Organization profile

Sterling Legacy Holdings LLC

Type
Family office (3rd generation)
Prior deals
11
Principals
2
Deliberate, values discretion, historically prefers off-market. Two prior negotiations abandoned when pushed on financing contingencies.
Priority motivators
  • +Estate liquidity event Q3
  • +Legacy narrative — building name preservation
Likely constraints
  • ◇Trust distribution schedule requires close by Sept 30
  • ◇Sensitivity to capital gains exposure
Comparable transactions

Precedents in play

Label$/SFDateNote
1049 5th Ave TDR$2462026-02Similar C6, weaker view corridor
300 Lafayette TDR$2182025-11Same submarket, older basis
425 Park TDR partial$2892025-08Premium corner, not comparable
180 W 20th TDR$2052025-05Lower FAR bonus, comparable buyer
Market conditions

Regional signal

Momentum
steady
Cap rate
5.20%
+0.15 8Q
Buyer depth
6
Days on market
74
Risk factors

Ordered by severity

Facade easement complicates transfer
MEDIUM
LPC coordination required — 6-8 week variance path
Ground lease reversion 2043
MEDIUM
Reduces long-hold IRR by ~120bps
Rate volatility in DD window
LOW
Debt quote locked 45 days
Capital position

Deployable dry powder

Available
$62.00M
Already committed
$8.00M
Financing ready
Yes
Debt quote
5.88%
Timeline

Milestones & constraints

  1. Initial call2026-07-31
  2. LOI issued2026-08-05
  3. Counterparty board day2026-08-12
  4. Signing target2026-08-14
  5. Trust liquidity date2026-09-30
Negotiation Intelligence outputs are informational preparation materials. AIREx does not contact counterparties, commit funds, or execute agreements. All communications, offers, concessions, and decisions require authorized human execution.