Kaufman Organization Doubles Investment in Selling NoMad Office Building

March 9, 2015

Kaufman organization doubles investment on nomad office space building

Crains Business New York is reporting that The Kaufman Organization has sold the 11-story office building at 27 West 24th Street for $92.5 million. Only two years ago, the property was purchased by The Kaufman Organization for a little more than half of the current selling price.  Kaufman paid only $56 million in 2012.

When Kaufman first purchased the property, rents in the building were an average of $30 per square foot. Now, with NoMad’s growing reputation as a highly desirable location, rents in 27 West 24th Street are as high as $65 per square foot.

While details of who purchased the property and the future plans for the building are yet unknown, 27 West 24th Street has seen a number of upgrades in recent years. Over the two years that it owned the building, Kaufman upgraded the lobby, security systems, sign systems, and elevators, making it a much more attractive location for businesses.

27 West 24th Street may be known to locals for Junoon, the modern Indian restaurant that occupies the building’s ground floor.