The Kaufman Organization and an equity partner have hired a Savills Studley investment team to sell 27 W. 24th St. near Madison Square Park in the Flatiron-NoMad districts.
The sellers paid $55.5 million for the 11-story building at the tail end of 2012 and now expect to nearly double their money with expectations of roughly $95 million or $760 per foot for the 125,000-square-foot building.
They’ve already upped the building’s game with items including a new façade, lobby, elevator cabs, common hallways and air conditioning.
While below-market leases now make up 93 percent of the occupancy, 60 percent of those roll before December 2016, providing a new owner with lots of expected upside in the hottest leasing market in the country.
“This is the type of building that got the Midtown South party started,” said Will Silverman of Savills Studley whose team includes Woody Heller, Eric Negrin and Daniel Parker.Ian Schrager unveils ‘tough luxe’ styling at Chrystie Street tower
Related StoriesShifts Along Sixth Avenue
New York City Office Sector Report (Q2 2014)