{"id":27179,"date":"2020-03-27T14:50:29","date_gmt":"2020-03-27T12:50:29","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=27179"},"modified":"2025-07-22T16:04:35","modified_gmt":"2025-07-22T13:04:35","slug":"axa-kaufman-buy-56-west-22nd-street","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/axa-kaufman-buy-56-west-22nd-street\/","title":{"rendered":"Kaufman &#038; AXA Pay $48.5 Million for Flatiron District Landmark"},"content":{"rendered":"<p>A Flatiron district landmark building changed hands on Tuesday for $48.5 million, or $725 per square foot. A joint venture consisting of AXA Investment Managers and the Kaufman Organization became the owners of the 67,000-square-foot, mixed-use property at <a href=\"https:\/\/rew-online.com\/kaufman-jv-acquires-midtown-south-building-for-48-5m\/\" target=\"_blank\" rel=\"noopener noreferrer\">56 West 22<sup>nd<\/sup> Street<\/a> after acquiring it from an entity linked to the Blum family.<\/p>\n<p>Bob Knakal, Stephen Palmese, Jonathan Hagerman, Brock Emmetsberger and Patrick Yanotta of JLL represented the seller. A team consisting of Andrew Pikearski, Michael Kazmierski and Lorenzo Bakewell-Stone represented AXA and Kaufman. The property at 55 West 22<sup>nd<\/sup> Street had come on the market last September for an initial asking price of $50 million. According to New York City public records, it had last been sold in 1961 for an undisclosed amount.<\/p>\n<div id=\"attachment_27180\" style=\"width: 250px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-27180\" class=\"size-medium wp-image-27180\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/56-West-22nd-Street-240x300.jpg\" alt=\"Midtown Manhattan office building\" width=\"240\" height=\"300\" \/><p id=\"caption-attachment-27180\" class=\"wp-caption-text\">56 West 22nd Street, New York City<\/p><\/div>\n<p>The 12-story property has roughly 6,300 square feet of retail space and 55,200 square feet of Class B <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/midtown-manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Midtown Manhattan office space<\/a>. It is ideally located within a five-block radius of seven subway lines, as well as within walking distance of Penn Station.<\/p>\n<p>The 113-year-old property is currently 55% leased \u2015 with many of the current leases expiring in 2021 \u2015 and will be subject to extensive improvements, per a prepared statement by the new owners. Kaufman will supervise the renovation efforts, which will <a href=\"https:\/\/rew-online.com\/kaufman-jv-acquires-midtown-south-building-for-48-5m\/\" target=\"_blank\" rel=\"noopener noreferrer\">include improvements to the building\u2019s systems, lobby and elevators<\/a>.<\/p>\n<p>AXA and Kaufman had previously joined forces to acquire another Midtown office property at 40 West 25<sup>th<\/sup> Street. That 12-story asset had previously belonged to Japanese investment firm Unizo Holdings, which fetched a hefty <a href=\"https:\/\/therealdeal.com\/2020\/03\/24\/kaufman-axa-make-50m-midtown-south-buy\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">$121.5 million<\/a> for the 132,700-square-foot office space in the closing months of 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Flatiron district landmark building changed hands on Tuesday for $48.5 million, or $725 per square foot. A joint venture consisting of AXA Investment Managers and the Kaufman Organization became the owners of the 67,000-square-foot, mixed-use property at 56 West 22nd Street after acquiring it from an entity linked to the Blum family. Bob Knakal,&hellip;<\/p>\n","protected":false},"author":56,"featured_media":27183,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,38,4014,39],"tags":[],"class_list":["post-27179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kaufman &amp; AXA Pay $48.5 Million for Flatiron District Landmark - CommercialCafe<\/title>\n<meta name=\"description\" content=\"A joint venture consisting of AXA Investment Managers and the Kaufman Organization became the owners of the 67,000-square-foot, mixed-use property at...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/axa-kaufman-buy-56-west-22nd-street\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kaufman &amp; 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