56 West 22nd Street.
NEW YORK CITY- Real estate investment firms The Kaufman Organization and AXA Investment Managers have planted the flag in Midtown South, deploying $200 million in acquisitions, which include two office properties. The acquisitions include 56 West 22nd St. for $48.5 million and 40 West 25th St., which the joint venture purchased last year.
Consistent with their value-add strategy, AXA and Kaufman will undertake a significant capital improvement program to renovate and reposition 56 West 22nd St. Kaufman will lead the execution of the capital improvement program and subsequent management and leasing at the property.
Built in 1907, 56 West 22nd St. stands 12 stories high and has a diverse mix of tenants. On the ground floor and basement is 6,300 square feet of retail space. The proposed renovation and repositioning program of the property includes the modernization of building systems, elevators and improvements to the lobby, all with the goal of capitalizing on the robust leasing activity ongoing in the Midtown South submarket.
"As the most active office investor in Midtown South over the last half-decade, 56 West 22nd Street demonstrates our commitment to furthering investment in the Midtown South market while assisting in its evolution by drawing and retaining dynamic office and retail tenants," said Michael Kazmierski, president of Kaufman Investments, in a prepared statement.
Adjacent to the property is Madison Square Park. Nearby are several train lines and Penn Station is an estimated 15-minute walk away.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
