Kaufman Organization Lands $120M Refi for NYC Portfolio
- May 15, 2019
The Kaufman Organization has secured a $120 million refinancing loan for its four-building Madison Square portfolio in the Flatiron and NoMad neighborhoods of Manhattan. The three-year first mortgage loan was secured through Capital One.
Located at 15 W. 27th St., 45 W. 27th St, 19 W. 24th St. and 119 W. 24th St., the four office properties comprise a total of 341,596 square feet. The buildings are part of the former FM Ring portfolio that was purchased by Kaufman in 2014 from Extell Development for $86.6 million, in a joint venture with Principal Real Estate Investors. Kaufman was represented in-house in the transaction by Michael Kazmierski and Lorenzo Bakewell-Stone.
Last year, Kaufman acquired a 65,000-square-foot office property in Long Island City, Queens, in a 99-year ground lease from Martial Enterprises. The firm plans to renovate the property from top to bottom, including the building facade, lobby, elevators and windows, plumbing, electrical, heating and cooling systems.
“Kaufman is continuing to pursue value-add properties in the NoMad and Midtown South neighborhoods given our consistent success with developing and repositioning assets into Class A office destinations,” Kaufman Principal Grant Greenspan told Commercial Property Executive. “We are also continuing to reinvent our existing office product with luxury finishes and amenities that will compete successfully in the marketplace and attract high quality tenants.”