27 West 24th Street | 124,000 SF
Purchased in 2012 in partnership with Lubert-Adler Real Estate Funds, this 124,000 square foot building located just west of Fifth Avenue and Madison Square Park was identified as a classic undermanaged asset. The Kaufman Organization set out on a $5 million capital and leasing program, which completely transformed the property from C class to near-prime. Within approximately one year, the façade, lobby and common corridor renovations were completed and Kaufman had rolled 25% of the rent roll to market rate leases. Within two years, the transformation was virtually complete, and the property was sold at exceptional pricing.