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Repositioned Chelsea Offices Trade to MC Real Estate
MC Real Estate Partners LLC (MCRE) and a private investor have acquired 155 W. 23rd St. in Chelsea from The Kaufman Organization and Goldman Sachs Asset Management Private Real Estate. It’s MCRE’s first office acquisition since being formed earlier in 2019 by industry veterans Steve Grant and Andy Nathan.
Deal terms weren’t disclosed. Crain’s New York Business reported that the 82,000-square-foot, circa-1935 property traded for $39.5 million.
Kaufman and GSAM originally acquired 155 W. 23rd in 2015 under a newly-formed 99-year ground lease. “Since acquiring 155 W 23 as part of the former Ring Portfolio in 2015, we have transformed the former vacant property through an extensive capital improvements program into a leading office building in Midtown South,” said Kaufman Investments president Michael Kazmierski.
Cushman & Wakefield’s Adam Spies, Kevin Donner and Michael Gembecki represented the sellers. MCRE will handle leasing in-house and has tapped Kaufman to continue as property manager.
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- ◦Sale/Acquisition
