{"id":1004190311,"date":"2017-09-13T06:07:34","date_gmt":"2017-09-13T14:07:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004190311"},"modified":"2018-08-10T05:44:51","modified_gmt":"2018-08-10T13:44:51","slug":"kaufman-expands-midtown-manhattan-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kaufman-expands-midtown-manhattan-portfolio\/","title":{"rendered":"Kaufman Expands Midtown Manhattan Portfolio"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004190314\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004190314\" data-attachment-id=\"1004190314\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/kaufman-expands-midtown-manhattan-portfolio\/webp-net-resizeimage-33\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"236 Fith Ave., New York City\" data-image-description=\"&lt;p&gt;236 Fith Ave., New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;236 Fith Ave., New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg?w=800\" class=\"wp-image-1004190314 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg\" alt=\"236 Fith Ave., New York City\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/09\/Webp.net-resizeimage2.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004190314\" class=\"wp-caption-text\">236 Fith Ave., New York City<\/p><\/div>\n<p>The Kaufman Org. 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\u2019s management and leasing operations.<\/p>\n<h2>Upcoming capital improvements\u00a0<\/h2>\n<p>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\u00a0a $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\u00a0model that helped some of the firm&#8217;s office buildings become <a href=\"https:\/\/www.commercialsearch.com\/news\/manhattan-trophy-building-welcomes-new-tenants\/\">best-in-class assets<\/a>.<\/p>\n<p>The building is located at 235 Fifth Ave., in the borough\u2019s 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.<\/p>\n<p>Kaufman was represented in-house in securing the ground lease by President Fred Leffel, Principal Grant Greenspan and Principal &amp; Director of Acquisitions Michael Kazmierski. Olshan, Frome and Wolosky\u2019s Thomas Kearns acted as its advisor. Skyline Properties\u2019 Robert Khodadadian and Daniel Shirazi\u00a0brokered the transaction, while Duval\u00a0&amp;\u00a0Stachenfeld\u00a0LLP\u2019s Samuel Lee and Kim Le acted as advisors for the seller.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm acquired an 80,000-square-foot office building through a 99-year ground lease, with plans to complete a multimillion-dollar renovation.<\/p>\n","protected":false},"author":241,"featured_media":1004190314,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21783,1600,21742,10,21747],"tags":[37048,37544,37543],"class_list":["post-1004190311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-kaufman-organization","tag-lct-associates","tag-skyline-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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