The Kaufman Organization announced today that they have acquired The Haymarket Building under a newly formed 99-year ground lease, located at 135 West 29th Street between Sixth and Seventh Avenues in NoMad, for $34.5 million from MFM Properties LLC.
“As the most active office investor in Midtown South and creator of newly formed office ground leases in Manhattan over the last half-decade, The Haymarket Building presents an excellent opportunity to capitalize on our core expertise,” said Michael Kazmierski, president and principal of Kaufman Investments.
“This will be our third Midtown South office acquisition in the last 14 months, and we look forward to continuing our contribution to the evolution of this submarket.”
The acquisition was led by Kazmierski along with Lorenzo Bakewell-Stone of Kaufman Investments.
135 West 29th Street is an 82,000 s/f, 12-story, loft commercial building built in 1911 that is approximately 70 percent occupied. The remaining vacant offices offer mixed-use, flexible spaces to accommodate a variety of businesses and industries. Current tenants include finance, technology, advertising and apparel firms.
Kaufman plans to undertake a renovation and repositioning program elevating the property to a best-in-class Midtown South office asset.
135 West 29th Street benefits from a unique location providing close proximity to both the amenities of Madison Square Park and all the major subway and train lines of Penn Station to travel in and out of Manhattan. At this time, there is approximately 25,000 s/f available for lease.