Jones Lang LaSalle
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."
The building has frontage on 19th and 20th streets and features a separate entrance on 20th. Also known as 10-16 West 20th Street, the property occupies the entire block-through site between West 19th and West 20th Streets. Current tenants include Time Warner Cable, Nautica Design, BMG Music, Universal Music; Sam Flax occupies the ground floor retail space.
Ezratty says the property "sold swiftly and at a price commensurate with today’s heady market." Key factors included roster, in-place below market rents, and "upside potential as vacant spaces lease up and existing leases gradually expire over the next several years." Andrew L. Herz and Russell Wohl of Patterson, Belknap, Webb and Tyler, LLP represented the buyer, while Wayne Lopkin repped the seller. The Bank of New York was the lender.
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."
The building has frontage on 19th and 20th streets and features a separate entrance on 20th. Also known as 10-16 West 20th Street, the property occupies the entire block-through site between West 19th and West 20th Streets. Current tenants include Time Warner Cable, Nautica Design, BMG Music, Universal Music; Sam Flax occupies the ground floor retail space.
Ezratty says the property "sold swiftly and at a price commensurate with today’s heady market." Key factors included roster, in-place below market rents, and "upside potential as vacant spaces lease up and existing leases gradually expire over the next several years." Andrew L. Herz and Russell Wohl of Patterson, Belknap, Webb and Tyler, LLP represented the buyer, while Wayne Lopkin repped the seller. The Bank of New York was the lender.
posted by Jones Lang LaSalle NJ News Blog at 9:23 AM
<< Home