News: Brokerage

Kaufman Org. acquires 82,000 s/f for $34.5 million

Manhattan, NY The Kaufman Organization acquired The Haymarket Building under a newly formed 99-year ground lease, located at 135 West 29th St. between Sixth and Seventh Aves. in NoMad, for $34.5 million from MFM Properties LLC.

“As the most active office investor in Midtown South and creator of newly formed office ground leases in Manhattan over the last half-decade, The Haymarket Building presents an excellent opportunity to capitalize on our core expertise,” said Michael Kazmierski, president and principal of Kaufman Investments. “This will be our third Midtown South office acquisition in the last 14 months, and we look forward to continuing our contribution to the evolution of this submarket.”

The acquisition was led by Kazmierski along with Lorenzo Bakewell-Stone of Kaufman Investments.

135 West 29th St. is an 82,000 s/f 12-story, loft commercial building built in 1911 that is 70% occupied. The remaining vacant offices offer mixed-use, flexible spaces to accommodate a variety of businesses and industries. Current tenants include finance, technology, advertising and apparel firms.

Kaufman plans to undertake a renovation and repositioning program elevating the property to a best-in-class Midtown South office asset.

135 West 29th St. benefits from a unique location providing close proximity to both the amenities of Madison Square Park and all the major subway and train lines of Penn Station to travel in and out of the city.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,