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Flatiron Office Changes Hands

NEW YORK CITY-The Kaufman Organization takes title to a 256,220-sf loft office with a tenant roster that includes Time Warner Cable, Nautica and BMG Music. The firm pays approximately $87 million for the 11-story site.

By Barbara Jarvie | Updated on May 03, 2006

NEW YORK CITY-The Kaufman Organization has acquired an 11-story asset in the Flatiron District for approximately $87 million. The site is currently 66% occupied.

The sale of the 256,220-sf commercial loft-office building at 11 West 19th St., was arranged by teams from Eastern Consolidated. Brian Ezratty, vice chairman and principal, together with Scott Ellard, director financial services, acted for the seller, the Goodstein family, while Deborah Gutoff, senior director and also a principal in the firm, represented Kaufman.

Gutoff says Kaufman, lead by Robert Savitt, is “bullish on the long-term viability” of area. “Savitt is betting on the area’s strong office leasing market. Due partially to the number of commercial buildings that have been converted to luxury condominiums, office rents in the District have been steadily rising and the availability of office space is diminishing.”

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