Kaufman Organization, AXA pay $48.5M to Blum family for office property in Flatiron

The Kaufman Organization and AXA Investment Managers through the entity 56 W 22 LLC paid Leslie Blum representing the Blum family’s Fifty-Six Realty Corp. $48.5 million for 56 West 22nd Street in Flatiron. The deal closed on March 24, 2020, and was recorded on March 26, 2020. The transaction consists of 1 parcel, including the tax class fireproof loft and storage type without retail stores (L2). The property is 55,200 square feet, although news reports put the size at 67,000 square feet.
The average sale price per square foot is $879, using the 55,200-square-foot figure.

The sale went into contract Feb. 29, 2020. The brokers were JLL’s Bob Knakal, Stephen Palmese, Jonathan Hagerman, Brock Emmetsberger, and Patrick Yanotta.

Kaufman and AXA partnered to buy 40 West 25th Street for $121.5 million in November 2019.

Over the past five years, there have been 7 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 7 renovation/alteration projects (A2) applied for with a total estimated value of $320,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link