Kaufman Org closes on $35M ground lease deal

Company has closed three Midtown South deal in four months

135 West 29th Street and Kaufman Organization CEO Edward Hart (Google Maps, Kaufman)
135 West 29th Street and Kaufman Organization CEO Edward Hart (Google Maps, Kaufman)

The Kaufman Organization continues to expand in Midtown South after closing on a $34.5 million ground lease at the Haymarket Building.

The organization signed a 99-year ground lease with MFM Properties for the 12-story office building at 135 West 29th Street, the Commercial Observer reported.

It’s just a few blocks away from the two other properties Kaufman acquired since November: The company snagged an office building at 56 West 22nd Street for $48.5 million, and a building previously owned by Unizo Holdings at 40 West 25th Street for $120 million.

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40 West 25th Street and Kaufman Organization's Michael Kazmierski (Credit: Google Maps and Kaufman)
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Michael Kazmierski, president and principal of Kaufman Investments, told the publication that the lease aligned with the “expertise” the organization was building in Midtown South.

“We’re still very optimistic in regard to the performance of this core Midtown South market and we think this building is well-positioned to be part of the recovery,” Kazmierski told the publication.

Kaufman will manage the building, which is 70 percent occupied, the publication reported. Plans to renovate the building are also in the works. Robert Khodadadian and Daniel Shirazi of Skyline Properties brokered the ground lease deal.

[CO] — Cordilia James