full service commercial real estate firm



Committed to Excellence

Puzzle Equities provides advisory and brokerage services to NYC-based middle-market real estate investors and developers, with an emphasis on creative solutions.

Our highly specialized team provides individually tailored advisory work to potential owners who are looking to maximize the value of their assets, in addition to efficient access to ready, willing and able lessees/developers.

For those who are looking to extract equity from an asset, our firm focuses on leasehold recapitalization i.e.  sale leasebacks as done with a 99-year ground-lease whereby an owner who re-structures his asset, and takes out leasehold financing can extract up to 90% LTV



What we do


Our firm focuses specifically on ground-lease transactions, working closely with property owners to advise maximum ground-lease rent and best possible terms on a given property.

Due to our highly-specialized approach and our singular focus on ground-leases, Puzzle has identified those developers/tenants best equipped to execute a ground-lease transaction with competitive rent and terms.   


Puzzle works additionally on the disposition and acquisition of leased fee interests i.e. land that is subject to ground-lease. Such assets feature an extremely low risk profile, offering hedged compound appreciation at the cost of low initial yield. 

For a property owner that sells the leased fee interest (sells the land underneath their building), that property owner can subsequently obtain leasehold financing against the newly formed interest. The aggregate of the sale proceeds and leasehold mortgage can achieve as high as 90% LTV.    


Our firm offers our creative approach to those property owners looking to joint venture an asset. Puzzle Equities' approach to deals enables us to efficiently and competently identify a joint-venture structure that fits owners' needs and that we can facilitate in a timely manner.



51 West 52nd Street New York NY United States 10019



©2019 by Puzzle Equity Solutions LLC