Kaufman Organization Acquires Office Building On Fifth Avenue In Manhattan For $64.5M

The office building located at 236 Fifth Avenue in Manhattan, New York was recently sold in a transaction that closed on September 17th, 2017. The property, spanning 80,000 square feet, was acquired by the Kaufman Organization for a price of $64,500,000. The sale represented a significant investment in the thriving Midtown South neighborhood, where Kaufman has been actively repositioning assets since 2010.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $64,500,000
• Address: 236 Fifth Avenue, New York
• Market: Manhattan
• Square Footage: 80,000

The purchase of this property by the Kaufman Organization showcases their dedication to catering to the needs of forward-thinking industries in Midtown South. The firm, led by President Fred Leffel, Principal Grant Greenspan, and Principal and Director of Acquisitions Michael Kazmierski, has actively pursued repositioning opportunities in the area. This acquisition marks their eighth investment in Midtown South since 2010.

Assistance in securing the 99-year ground lease was provided by Thomas D. Kearns of Olshan, Frome and Wolosky, who acted as legal counsel for Kaufman. The transaction was brokered by Robert Khodadadian and Daniel Shirazi of Skyline Properties. Legal representation for LCT Associates, the seller, was provided by Samuel S. Lee and Kim Le of Duval & Stachenfeld LLP.