Lease Beat

Corporate Prepaid Card Company Signs Lease in Midtown South

462 Seventh Avenue.

PEX Card, a corporate prepaid card company that helps regulate employee spending, has signed a five-year, 7,200-square-foot lease at the Kaufman Organization’s 462 Seventh Avenue between West 35th and West 36th Streets.

“The full-floor space at 462 Seventh Avenue allows PEX Card to expand its operations and provides it with the flexibility to accommodate future growth,” said Jared Sternberg of the Kaufman Organization in prepared remarks. “The central Garment District location is easily accessible via a number of public transportation hubs, which enables the company to strengthen client relationships while establishing new ones.” Read More

Lease Beat

Anheuser-Busch Inks Deal for NoMad Office Space

119-125 West 24th Street.

NoMad is getting one very big Bud.

Anheuser-Busch InBev, the St. Louis-based brewer of Budweiser and Bud Light, inked a 11-year lease for the newly renovated 119-125 West 24th Street, according to the landlord, the Kaufman Organization. The 83,686-square-foot office space will house the beer maker’s advertising and marketing team and will be available by the end of the year. Read More

Lease Beat

Structural Engineering Firm Relocates Within Garment District

519 Eighth Avenue.

Rosenwasser/Grossman Consulting Engineers, the structural engineering firm that has worked on scores of residential projects in New York City, now has a new home of its own.

Commercial Observer has learned that the company has signed a 10-year lease for 8,000 square feet at the Kaufman Organization’s 519 Eighth Avenue between West 35th and West 36th Streets. RGCE will occupy the 20th floor. Read More

Mortgage Observer

Brooklyn Buyer Grabs 27 West 24th Street With Loan From Signature

27 West 24th Street.

Brooklyn-based MJ Orbach Associates purchased the Kaufman Organization’s 11-story office building at 27 West 24th Street for $92.5 million with a $52.5 million loan from Signature Bank, records filed with the city this afternoon show.

The acquisition and financing both closed on Feb. 23. The five-year debt carries an interest rate of 3.75 percent, according to the loan documents. Read More

Lease Beat

Coworking Space Signs New Lease in Flatiron District

119-125 West 24th Street

AlleyNYC, which has tagged itself as “the most badass coworking space on the planet,” has secured 36,000 square feet at 119-125 West 24th Street between Avenue of the Americas and Seventh Avenue, according to The Wall Street Journal.

The company, which is riding the wave of co-working spaces infiltrating New York City, signed a 10-year lease for the third, fourth and fifth floors at the 12-story, 146,000-square-foot building, the Journal reported. The Kaufman Organization acquired the property from Extell Development Company through a 99-lease deal in April 2014. Asking rents at the property are in the mid-$60s per square foot. The building had been in disrepair for many years, and the Kaufman Organization invested tens of millions of dollars to revamp the entire building. Read More

Lease Beat

Indian Fusion Eatery Coming to Flatiron District

15 West 27th Street.

Pondicheri, a Texas-based Indian fusion restaurant, is breaking into the New York market with a 3,363-square-foot ground-floor lease at 15 West 27th Street, according to The Wall Street Journal.

As the Commercial Observer previously reported, leasing and management company Kaufman Organization and Principal Real Estate Investors completed the purchase of 13-15 West 27th Street from development company Extell Development last April, as part of a $175 million Madison Square portfolio consisting of four buildings across NoMad and the Flatiron District that belonged to real estate investors Michael and Frank Ring. The properties are currently undergoing $34 million in renovations, The Journal said. Read More

Lease Beat

IT Consultants Get New Lease at Old Home

242 West 36th Street

For one information technology management firm, the grass was not greener on West 37th Street. Now Precision IT Group will move a block south to its former building at Kaufman Organization‘s 242 West 36th StreetCommercial Observer has learned.

The company, which provides personalized IT and consulting, will grow later this month from its 4,000-square-foot headquarters at 237 West 37th Street to a 6,317-square-foot space on the third floor of the Garment District property. The company signed a seven-year, four-month lease for space in the building, which carried asking rents of roughly $40 per square foot, Kaufman officials said. Read More

Lease Beat

Social Service Group to Move Across the Street

363 Seventh Avenue

An Israeli women’s social service provider organization will move its New York City office across Seventh Avenue next month, Commercial Observer has learned.

The Emunah of America organization, which operates a network of 250 educational, housing and senior services programs in Israel, will relocate from 7 Penn Plaza to Empire Management‘s 363 Seventh Avenue through a seven-year, 3,400-square-foot lease at the property one block south of Penn Station, officials with the Kaufman Organization said. The second-floor space at the 22-story structure commanded an asking rent in the high $40s per square foot, they noted. Read More

Lease Beat

High-End Designer to Stay Put in Garment District

519 Eighth Avenue

Luxury clothing and accessory design company Adrienne Landau will remain in its 13,589-square-foot headquarters on the 21st floor of Kaufman Organization‘s 519 Eighth Avenue through a five-year renewal, Commercial Observer has learned.

The fashion company offers fur outerwear and fashion accessories like silk scarves and has outfitted celebs like Lady Gaga, Madonna and the late Joan Rivers. Its showroom and office space will stay between West 35th and West 36th Streets in the 349,000-square-foot building with asking rents in the low-$40s per square foot, Kaufman officials said. Read More

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