FINANCED
Kaufman Organization Acquires Office Building On Fifth Avenue In Manhattan For $64.5M
236 Fifth Avenue
Office
80,000 SF
80,000 SF
Financed 1 year ago
Summary
Loan
NEW YORK
Office
80,000 sqft
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.
Players
All
3
Agents
2
Agencies
1
Details
FINANCED
IMAGE: 236 Fifth Avenue
DATE: 17th September, 2017
CITY: New York
MARKET: Manhattan
ASSET TYPE: Office
PRICE: $64,500,000
SF: 80,000
SELLER: Scott Chiou
BUYER: @kaufmanorganization Kaufman Organization
BROKER: @skylinepropertiesnyc Skyline Properties @robert_khodadadian & Daniel Shirazi
NOTES: 99-Year Ground Lease, Commences $10M Capital Improvement Program. The acquisition, Kaufman's eighth in Midtown South since 2010, reflects the firm's commitment to repositioning assets in the neighborhood, bringing to market best-in-class office spaces that cater to the influx of forward thinking industries yearning to call the area home.
@FredLeffel, President, Kaufman New Ventures; Grant Greenspan, Principal, Kaufman Organization; and @MichaelKazmierski, Principal and Director of Acquisitions, Kaufman New Ventures led the efforts in securing the 99-year ground lease on behalf of Kaufman. Thomas D. Kearns of Olshan, Frome and Wolosky served as the firm's counsel. @Robert_Khodadadian and Daniel Shirazi ( @Shiraziesq) of Skyline Properties served brokered the transaction. Samuel S. Lee and Kim Le, both Partners at Duval & Stachenfeld LLP, served as counsel for LCT Associates.View on map
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Address236 Fifth Avenue
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