155 West 23

155 West 23 is a newly renovated New York City commercial building offering modern office space in a productive environment. Explore the neighborhood and office availabilities.

Available Office Space

100-104 Fifth Avenue | 270,000 SF

Purchased out of bankruptcy in 2010 in partnership with Invesco Real Estate, the 240,000 SF building had approximately 190,000 SF of existing and rolling vacant space. Major obstacles included negative market perception of the building, lack of capital improvements and a deteriorating infrastructure. Within the first nine months of ownership, the Kaufman Organization secured 150,000 SF of new leases with rents significantly exceeding pro forma. Kaufman implemented a $15 million capital improvement and lease up program, consisting of new lobbies, elevators and a complete infrastructure renovation, and had attracted major office tenants to the property, such as Apple, Yelp and Net a Porter. Under Kaufman’s aggressive value-add ownership, the former “zombie” building was transformed into what is now generally considered to be one of the pre-eminent office properties in New York’s “Silicon Alley.”

27 West 24th Street | 124,000 SF

Purchased in 2012 in partnership with Lubert-Adler Real Estate Funds, this 124,000 square foot building located just west of Fifth Avenue and Madison Square Park was identified as a classic undermanaged asset. The Kaufman Organization set out on a $5 million capital and leasing program, which completely transformed the property from C class to near-prime. Within approximately one year, the façade, lobby and common corridor renovations were completed and Kaufman had rolled 25% of the rent roll to market rate leases. Within two years, the transformation was virtually complete, and the property was sold at exceptional pricing.

Madison Square Portfolio

119 West 24th Street | 146, 206 SF
19 West 24th Street | 63,015 SF
15 West 27th Street | 65,578 SF
45 West 27th Street | 66,797 SF

Part of the former FM Ring portfolio, these four buildings were acquired by Kaufman Organization in partnership with Principal Real Estate Investors through a highly structured 99-year ground lease. The buildings had not been occupied for more than a decade and were in significant disrepair at the time of the transaction. Kaufman commenced a $30M major capital improvement program that included renovated lobbies, new retail storefronts, modernized elevators, and the installation of tech amenities and telecommunication risers, a comprehensive program that will turn each of the buildings from an eyesore into a fully modernized, pride -of -ownership, prime office property, and a market leader in each of its respective submarkets.

Available Office and Retail Space

Kaufman Investments seeks to identify and acquire value-add commercial real estate opportunities in New York City, primarily in joint ventures with institutional capital partners. Leveraging off our extensive experience in strategic management and leasing, and our granular knowledge of the markets in which we operate, and supported by our diverse knowledge as owners and managers of properties throughout New York City, we are able to underwrite opportunities quickly and with great accuracy, identify market trends and movements in advance of our competitors, and structure and close transactions swiftly. We develop a detailed value-add business plan for each property we pursue, and have been consistently successful in executing those business plans and meeting or exceeding the operational and financial objectives set out in those plans.

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As an established commercial real estate firm in New York City with 100 years of experience, the Kaufman Organization provides an exceptional level of service through its leasing brokerage team to companies of all sizes. Kaufman Leasing Company consists of highly qualified professionals with a thorough knowledge and understanding of the New York City office, retail and specialty-use real estate sectors.