NEW YORK CITY—The Kaufman Organization has sold 27 W. 24th St., for nearly $93 million, due to the nature of its capital partner, Lubert-Adler, broker Woody Heller, executive managing director and capital transactions group head at Savills Studley, tells GlobeSt.com. "It's an IRR-based fund, which means the return is very time-sensitive."
He continues, “Two times your money in two years versus 10 years is very different so with a partner like that, you're going to be looking to exit [the asset] early, as long as the building is mature enough to realize its potential. I think this building is far enough along.”
Located between 5th and 6th avenues, in close proximity to Madison Square Park, the 11-story office building was purchased in December 2012 for $55.5 million and has since undergone a complete overhaul. The 125,000-square-foot building was sold to an affiliate of Orbach Associates, long term investors and operators of properties in Manhattan, Brooklyn and Long Island."
Heller arranged the deal along with Savills' Will Silverman, also an executive managing director of the capital transactions group. Attorney Thomas Kearns, partner, Olshan, Frome, Wolosky, was of counsel.
Going Forward, Kaufman's Grant Greenspan, principal and Ian Norris, associate, will serve as exclusive leasing agents for the property.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
