KAUFMAN EXPANDS MIDTOWN MANHATTAN PORTFOLIO
The firm acquired an 80,000-square-foot office building through a 99-year ground lease,
with plans to complete a multi million-dollar renovation.
by Corina Stef | Sep 13, 2017
The Kaufman Organization expanded its Midtown Manhattan footprint with the acquisition of an 80,000-square-
foot office building, marking its eighth purchase in the area since 2010. The firm bought the asset from LCT
Associates through a 99-year ground lease and will handle the property’s management and leasing operations.
UPCOMING CAPITAL IMPROVEMENTS
The 11-floor property was originally built in 1907, and
previously served as a factory building until its conversion to
office space in 1989. Kaufman plans to renovate and
reposition the property through a $10 million capital
improvement program, which will result in upgraded
elevators,
fiber
optic/telecommunications
risers,
new
plumbing, electrical and HVAC systems and tenant signage.
The renovation plan follows the same business model that helped
some of the firm’s office buildings become best-in-class assets.
The building is located at 235 Fifth Ave., in the
borough’s NoMad neighborhood. It is surrounded by
eateries, bars, art galleries, live music venues, fitness
centers and hotels. Madison Square Park and several bus and
metro stations are situated within walking distance.
Kaufman was represented in-house in securing the
ground lea se by President Fred Leffel, Principal Grant
Greenspan and Principal & Director of Acquisitions Michael
Kazmierski. Olshan, Frome and Wolosky’s Thomas Kearns
acted as its advisor. Skyline Properties’ Robert Khodadadian and
Daniel Shirazi brokered the transaction, while Duval &
Stachenfeld LLP’s Samuel Lee and Kim Le acted as advisors for
the seller.
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