This plan was announced a month ago and the ground lease is now under negotiation.

The company acquired control of the property two years ago on a 98-year ground lease from two local families.

And the clock had started to tick on the ground lease.

The Schors declined to say how much they paid for the ground lease.

Across the street, developers will be offered ground leases to facilitate more than $110 million in commercial properties.

The partners are in the process of buying the ground lease under the building from the city.

And they have extended the ground lease to 2028.

Financial difficulties during the war years meant that the ground lease was very nearly terminated by the city council.

In the early 21st century, many commercial ground leases expired.

The last factor, known as a ground lease, sets this conversion apart from most others in the city.