March 9, 2015
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.