The Kaufman Organization is set to sell its office building in Manhattan’s Flatiron district at 27 West 24th Street for $95 million, while at the same time fending off a threatened law suit.
Located near Madison Square Park, 27 West 24th has 11 floors and a total area of 125, 000 square feet. It was completed in 1907, renovated in 1989 and has 18 different units.
The over $5million renovation included updates to just about the whole building. The updates include a new lobby with an interactive wall display and three new passenger elevators. The building is secured with a state-of-the-art security surveillance system and additional security is provided by an access system with a proximity card reader.
People are free to bring their dogs to work with them there.
Kaufman bought the office building in 2012 for only $55 million.
Savills Studley has been tapped to market the building. Its Will Silverman told The New York Post “This is the type of building that got the Midtown South party started.”
27 West 24th is currently 93% occupied by below market lease. 60% of those are due to expire in 2016 allowing for an increase in rental income for the new owners, whoever they will be.
This past August the digital research and angel investment firm Chaincode Labs signed a 5 year lease for 4, 054 feet on the building’s top floor.
In other Kaufman news, last week the real estate firm Pan Brothers Associates dropped its lawsuit against the organization. The suit was filed over a dispute regarding the commission owed for the signing of a new client to office space at a Hudson Square Office building.
Pan Brothers now says that it never had a grievance with the Kaufman Organization and that it was merely trying to get paid by another firm which was an associate of Kaufman’s on that deal.