Kaufman Organization and Axa Financial pay $122M to Unizo Holdings for office property in Flatiron

The Kaufman Organization and Axa Financial through the entity 40 W 25 LLC paid Unizo Holdings’s Unizo Real Estate NY One, LLC $121.5 million for 40 West 25th Street in Flatiron. The deal closed on November 27, 2019, and was recorded on December 3, 2019. The transaction consists of 1 parcel, including the tax class office building with commercial with seven to 19 stories (O6). The property is 128,965 square feet. The parcel(s) have total development potential of 128,965 square feet.
The average sale price per square foot is $942.
The estimated cap rate is 2.9%
The last time the property sold was March 5, 2015, for $106,200,000. CBRE’s Darcy Stacom and Bill Shanahan represented the seller.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 10, 2019.
Over the past five years, there have been 25 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 25 renovation/alteration projects (A2) applied for with a total estimated value of $5,377,100.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link