Lease Beat

Toy Designer to Move Within Garment District

65 West 36th Street

Toy designer Animal Adventure will start selling its wares out of a new showroom and office in December on the ninth floor of the Sioni Group‘s 65 West 36th StreetCommercial Observer has learned.

The toy company that supplies retailers like Target and Toys “R” Us will relocate from its current space roughly two blocks south at 112 West 34th Street into the new 1,974-square-foot assemblage elsewhere in the Garment District, officials with the Kaufman Organization said. The new location commanded an asking rent in the mid-$40s per square foot, the Kaufman officials said. Read More

Lease Beat

Fashion Designer Cuts a Deal to Relocate in Garment District

132 West 36th Street.

Women’s fashion designer Donna Morgan will move three blocks south in the Garment District through a seven-year, 8,272-square-foot lease at the Kaufman Organization‘s 132 West 36th Street, Commercial Observer has learned.

The company, which designs outfits ranging from wedding dresses to casual wear, will occupy a showroom and office on the north side of the eighth floor of the structure between Broadway and Seventh Avenue. Kaufman officials expect them to relocate from 530 Seventh Avenue in February 2015 at the building where asking rents run in the high $40s per square foot, they said. Read More

Lease Beat

Printing Company Renews in Garment District

519 Eighth Avenue

Digital printing company Printech Business Systems will remain in its third-floor space at the Kaufman Organization‘s 519 Eighth Avenue through a 10-year, 16,000-square-foot renewal at the property, Commercial Observer has learned.

The company that has long operated its retail and offices onsite will remain in the space between West 35th and West 36th Streets where asking rents run in the $40s per square foot, Kaufman officials said. Read More

Lease Beat

Tech Firm Expands, Relocates to Flatiron District [Updated]

22 West 19th Street

Meal delivery service Plated will expand to a headquarters nearly three times as large as its existing footprint by relocating in December to the Kaufman Organization‘s 22 West 19th Street in the Flatiron District.

The “rapidly expanding firm that outgrew its existing 3,850-square-foot space” at 36 Cooper Square in Greenwich Village will move through a five-year, 11,000-square-foot lease at the property with asking rents in the high $50s per square foot, Kaufman officials said. Read More

The Plan

The Plan: The Madison Square Portfolio

Renderings of Madison Square Portfolio

The Kaufman Organization’s ongoing renovations of three Midtown South office buildings in what was once known as the “Ring Portfolio” are moving forward with a new name and a very new look.

The company, which in April acquired four buildings that it now calls the “Madison Square Portfolio” through a 99-year lease with Extell Development Company, is sprucing up three of the long-vacant properties—19 West 24th Street,13 West 27th Street and 45 West 27th Street—ahead of a planned June 2015 occupancy date, said Grant Greenspan, a principal with Kaufman. (The fourth building in the portfolio is already open at 119-125 West 24th Street.)  Read More

Lease Beat

Legal Services Firm Inks Direct Garment District Expansion

450 Seventh Avenue

Court recording and legal services firm David Feldman Worldwide will expand from a subleased space at the Kaufman Organization‘s 450 Seventh Avenue through a five-year, 6,550-square-foot lease on the fifth floor of the building that’s one block north of Madison Square Garden between West 34th Street and West 35th Street, Commercial Observer has learned.

The landlords will accommodate the move by combining the company’s current 4,077-square-foot space with an adjacent unit at the building where asking rents run in the $50s. This shows the utility of the asset’s location, said Barbara Raskob, director of leasing for the Kaufman Organization. Read More

Lease Beat

Language Translators Expand in Garment District

450 Seventh Avenue

Language translation service company Morningside Translations expanded its space by an additional 805 square feet to occupy 9,316 square feet in the Kaufman Organization‘s Nelson Building at 450 Seventh Avenue between West 34th Street and West 35th Street, Commercial Observer has learned.

The five-year lease expansion at the building with asking rents in the mid $50s exemplifies a change in the neighborhood surrounding the structure that’s one block north of Madison Square Garden, said Barbara Raskob, the Kaufman Organization’s director of leasing. Read More

Lease Beat

Nonprofit Investor Signs Garment District Lease

462 Seventh Avenue

Nonprofit seed investor Echoing Green will move its headquarters one block east under a 10-year,  9,750-square-foot lease for the 13th floor of S.I.K. Associates‘ building under the Kaufman Organization‘s portfolio at 462 Seventh Avenue between West 35th and 36th Streets  in the Garment District, the Wall Street Journal reported this morning.

The socially-conscious firm will move from its current home at 494 Eighth Avenue to the 23-story structure with a renovated lobby and Hale and Hearty Soups and Starbucks on the ground floor, a 185,000-square-foot building where office asking rents run in the high $40s per square foot, said Steve Kaufman, president of the Kaufman Organization. Read More

Lease Beat

Tech Firm Takes Top Floor Space in Flatiron District

27 West 24th Street

Digital research and angel investment firm Chaincode Labs will establish its Flatiron District headquarters through a five-year, 4,054-square-foot lease on the top floor of the Kaufman Organization‘s 11-story building at 27 West 24th Street, Commercial Observer has learned.

Asking rents at the property where Kaufman implemented extension renovation efforts in 2012 run $62 per square foot, and the tech firm’s lease means that tech and creative companies have now leased out the entire building, said Kaufman broker Ian Norris. Read More

Lease Beat

Telecom Company Signs Lease at 462 Seventh Avenue

462 Seventh Avenue. (PropertyShark)

Granite Telecommunications has signed a 10-year, 9,750-square-foot lease at 462 Seventh Avenue, Commercial Observer has learned. Asking rent for the space was $48 per square foot.

“Granite Telecommunications were in search for a customizable space in a central location, with easy access to mass transportation hubs. 462 Seventh Avenue affords executives the opportunity to recruit top talent from the Tri-State area,” said Barbara Raskob of the Kaufman Organization, who represented the landlord, in a prepared statement. Read More

Lease Beat

Life Insurance Company Renews Early at 460 West 34th Street

460 West 34th Street.

SBLI USA Mutual Life Insurance Company has signed an eight-year renewal for the entire 33,000-square-foot eighth floor of 460 West 34th Street, Commercial Observer has learned. Asking rent for the space was in the mid-$40s per square foot.

The tenant, formerly known as the Savings Bank Life Insurance Fund, has occupied space in the building since 1987. As previously reported, the New York-based insurance provider had signed a five-year renewal at the building as recently as 2012. Read More

Sales Beat

Kaufman Closes on Purchase of Four Ground Leases from Extell

119-125 West 24th Street

Kaufman Organization and Principal Real Estate Investors have closed on their acquisition of four former Ring buildings, totaling 341,441 square feet in Nomad and the Flatiron District, from Extell Development Company.

As Commercial Observer previously reported, the deal included 13-15 West 27th Street, 45 West 27th Street, 19 West 24th Street and 119-125 West 24th Street. Depending on the valuation, the 99-year net lease cost between $175 million and $200 million, according to David E. Ash of Prince Realty Advisors, the lone broker in the deal. Read More

In Negotiations

Extell Inches Toward Deal to Sell Kaufman Four Ground Leases

119-125 West 24th Street

As soon as next week, Gary Barnett’s Extell Development is slated to sign a contract to sell the long-term ground leases on four Ring portfolio office buildings to the Kaufman Organization, Commercial Observer has learned.

The $150 million deal, to be sealed next week or the week afterward, will include 119-125 West 24th Street, 13-15 West 27th Street, 19-21 West 24th Street and 45-47 West 27th Street, a source with knowledge of the deal said.  Read More

Lease Beat

Trio of Leases Signed in as Many Months at Masonic Hall

71 West 23rd Street

Masonic Hall in the Chelsea-Flatiron area will soon be home to three new commercial tenants, Commercial Observer has learned, as the landlord’s broker, City Connections Realty, brokered three deals at the historic building within a three-month period.

“It’s pretty aggressive in terms of timing, especially in our neighborhood, in terms of closing deals,” said City Connections Realty‘s commercial manager Herb Goldberg, who along with the company’s founder and president, David Schlamm, represented the landlord, the Trustees of the Masonic Hall and Home, in all of the transactions. “The building is really highly desirable. It [has an] old-world charm. It’s the only building owned by this chapter of the masons and it’s really treated with kid gloves. Because it’s their home they include cleaning in the overall rental.” Cleaning costs, he noted, can run from $1.75 to $2.50 a foot. Read More

Lease Beat

EDM Americas Signs Lease at 450 Seventh Avenue

54120_Kaufman-450 seventh_opt

Document management specialist EDM Americas has signed a 3,135-square-foot lease at 450 Seventh Avenue, Commercial Observer has learned. The Midtown location will be the company’s first New York office.

“The tenant’s space is a very lovely unit with views to the south and east, probably the most desirable views in the building,” said Barbara Raskob of the Kaufman Organization, who represented the landlord. Read More