The Real Deal New York

Kaufman signs first retail tenant to Ring portfolio property

Indian restaurant Pondicheri to spice up 15 West 27th St.

February 02, 2015 11:40AM

15 West 27th Street (inset: George Kaufman)

15 West 27th Street (inset: George Kaufman)

The Kaufman Organization, which secured four Ring portfolio office buildings from Gary Barnett’s Extell Development last year, has signed its first retail tenant in the buildings.

Indian restaurant Pondicheri will take a 3,363-square-foot ground-floor space at the 11-story 15 West 27th Street. This property and the three others leased by Kaufman are undergoing over $34 million in renovations, according to the Wall Street Journal.

Extell purchased 14 properties from brothers Michael and Frank Ring last January, following a protracted dispute between the brothers. A joint venture between Kaufman and Principal Real Estate Investors then purchased a 99-year ground lease for four of the buildings for about $175 million, as The Real Deal first reported.

Kaufman aims to create “a kind of place that’s hip and cool and our potential tenants want to go” in the retail space, Kaufman partner Michael Heaner said.

Last week, Extell sold another Ring portfolio building at 331 Park Avenue South for $40 million. [WSJ] — Tess Hofmann

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