March 25, 2020
The Kaufman Organization and AXA Investment Managers – Real Assets, who have committed nearly $200 million to Midtown South Investments in under 120 days, closed on their latest acquisition. The $48.5-million purchase of 56 W. 22nd St. is the partnership’s second, following a deal for 40 W. 25th St. in November 2019.
The purchase was led by Kaufman Investments president Michael Kazmierski with VP Lorenzo Bakewell-Stone, along with Andrew Piekarski, director of US acquisitions of AXA IM – Real Assets. The sellers hired JLL to market the building for sale.
AXA and Kaufman intend to undertake a significant capital improvement program to renovate and reposition the 113-year-old building. Kaufman will execute the capital improvement program and handle subsequent management and leasing.
“56 W. 22nd demonstrates our commitment to furthering investment in the Midtown South market, while assisting in its evolution by drawing and retaining dynamic office and retail tenants,” said Kazmierski.
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