March 9, 2015

Real Estate Archives - Kew Management

Crains Business New York is reporting that The Kaufman Organization has sold the 11-story office building at 27 West 24th Street for $92.5 million. Only two years ago, the property was purchased by The Kaufman Organization for a little more than half of the current selling price.  Kaufman paid only $56 million in 2012.

When Kaufman first purchased the property, rents in the building were an average of $30 per square foot. Now, with NoMad’s growing reputation as a highly desirable location, rents in 27 West 24th Street are as high as $65 per square foot.

While details of who purchased the property and the future plans for the building are yet unknown, 27 West 24th Street has seen a number of upgrades in recent years. Over the two years that it owned the building, Kaufman upgraded the lobby, security systems, sign systems, and elevators, making it a much more attractive location for businesses.

27 West 24th Street may be known to locals for Junoon, the modern Indian restaurant that occupies the building’s ground floor.

 

January 21, 2015

Real Estate Archives - Kew Management

Big changes are coming to 212 Fifth Avenue, just across the street from both The St. James and The Townsend Building. After a lengthy period of limited occupancy, 212 Fifth Avenue, one of the best buildings in the former Ring portfolio, seems to be getting more than just a simple facelift.

The 21-story building, with 220,000 square feet, has been an office building since it was built in 1913, but a new deal will change this completely. The handsome Neo-gothic building is being converted to residential use, bolstering an already fantastic residential market here in NoMad.

Thor Equities recently purchased the building from Extel for $260 million, and has hired Helpern Architects to design the residential conversion. Thor Equities along with Madison Equities and BLT are planning to transform the commercial property into a residential building. There are conflicting reports on the plans, but Curbed and The Real Deal are both reporting that the building will house 48 new apartments, including a triple penthouse and a 3,850 square foot commercial space on the ground floor. Filings for the initial work with the DOB were submitted last week, and we’re already seeing work progressing quickly.

This conversion is just the latest in a series of developments that continue to solidify NoMad as one of the most balanced live/work neighborhoods.  212 Fifth will join other current high-end residential developments, including  Huys at 404 Park Avenue South, 281 Fifth Avenue, 10 Madison Square Park West, and 400 Park Avenue South. Considering NoMad’s incredible roster of dining and shopping venues, you couldn’t ask for a neighborhood with more vitality in which to live and work.