Kaufman Expands Midtown Manhattan Portfolio
ByThe Kaufman Org. expanded its Midtown Manhattan footprint with the acquisition of an 80,000-square-foot office building, marking its eighth purchase in the area since 2010. The firm bought the asset from LCT Associates through a 99-year ground lease and will handle the property’s management and leasing operations.
UPCOMING CAPITAL IMPROVEMENTS
The 11-floor property was originally built in 1907, and previously served as a factory building until its conversion to office space in 1989. Kaufman plans to renovate and reposition the property through a $10 million capital improvement program, which will result in upgraded elevators, fiber optic/telecommunications risers, new plumbing, electrical and HVAC systems and tenant signage. The renovation plan follows the same business model that helped some of the firm’s office buildings become best-in-class assets…
