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How family-owned and managed office buildings are finding opportunity in tough market

By Grant Greenspan, principal, Kaufman Organization

Over the last eight months, New York City’s (NYC) vibrance has been a bit dimmer given the effects from the global COVID-19 pandemic. Many companies continue to move out of their office spaces or have made the decision to work from home well into 2021. While this may be true, people continue to believe in NYC and there is still very much of a demand for office space. After all, it’s where people are able to meet with clients, collaborate and brainstorm with fellow colleagues and cube mates.

GRANT GREENSPAN

How do we know? We have the “proof” at the Kaufman Organization (Kaufman), a family-owned and operated Manhattan-based full service real estate firm, and have been able to serve as the antithesis to the typical stories you are hearing and/or reading as we have been able to secure deals consistently. For instance, in the last few months, we’ve closed on nearly 130,000 square feet of leases.

Some of the leases include the following at our respective properties (the below represents about 56,000 square feet):

Kaufman Arcade Building located at 132 West 36th Avenue

  • Sequin LLC signed an 8,361-square-foot lease on the 8th floor 
  • Allure Gems signed a 17,531-square-foot lease on the 3rd floor (entire floor)
  • R. B Samuels, Inc. signed an 8,240-square-foot lease on the 2nd  floor 
  • Raif Gift, Inc signed a 2,000-square-foot lease on the 8th floor

519 Eighth Avenue

  • Sudran Dizenhaus signed a 2,577-square-foot lease on the 8th floor                      
  • HN Partners signed a 950-square-foot lease on the 8th floor

231 West 29th Street

  • Connect Gronies Inc. signed a 3,300-square-foot lease on the ground floor    
  • AmyO, Inc. signed a 1,700-square-foot lease on the 12th floor 
  • A. Marcus Group signed a 1,500-square-foot lease on the 7th floor

19 West 24th Street

  • Junoon NYC LLC signed a 3,600-square-foot lease on the ground floor (entire floor)
  • Tavros Holdings signed a 5,418-square-foot lease on the 12th floor (entire floor)
19 West 24th Street

How are we doing it? We feel we have an advantage – as do many family-owned and operated businesses – since we are able to be more flexible. For instance, we’ve had both landlord and tenant representation in-house and are able to accommodate tenants with both longer and shorter-term deals. As well, we specialize in pre-built spaces which is something that is even more valuable now with tenants wanting an easy, turn-key solution. They can move right into their space with no hassle.

As we continue to see what unfolds these next few weeks and months, Kaufman is dedicated to reinvigorating the NYC commercial real estate and office industry and will continue to work with landlords and tenants to make their office dreams a reality.

About Mr. Greenspan

Active since 1986, Mr. Greenspan has grown to manage the Kaufman Organization’s leasing division where he oversees a portfolio of more than 1.5 million square feet of office space and assists in managing over five million square feet of Kaufman’s expansive portfolio.

Mr. Greenspan’s reputation as a trusted advisor has resulted in valuable relationships with notable institutional investors like Invesco, Lubert Adler and Principal Real Estate Investors. These relationships have allowed the Kaufman Organization to identify and acquire underperforming properties in the Midtown South area, transforming them into profitable assets that have attracted New York City’s top technology, new media and creative firms.

Under Mr. Greenspan’s leadership, the Kaufman Organization launched ambitious multi-million dollar, capital improvement programs at 100-104 Fifth Avenue, 27 West 24th Street and the Madison Square Portfolio. Mr. Greenspan’s renovate-and-reposition strategy has resulted in increased property values and 100 percent occupied destination office buildings.

Mr. Greenspan is a member of the Real Estate Board of New York, and active Board Member of the Flatiron 23rd Street Partnership.

About the Kaufman Organization 

With over 100 years of experience and seven million square feet of owned or managed space, the Kaufman Organization has long been considered one of the most prominent and well-respected real estate companies in the New York metropolitan area.  The company offers a fully integrated spectrum of leasing and management services to diverse owners and tenants and is continually looking to build its portfolio through property acquisitions. For more information, visit www.kaufmanorganization.com

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