Kaufman, AXA Make Second Joint Purchase in Midtown South
The Kaufman Organization and AXA Investment Managers – Real Assets, who have committed nearly $200 million to Midtown South Investments in under 120 days, closed on their latest acquisition. The $48.5-million purchase of 56 W. 22nd St. is the partnership’s second, following a deal for 40 W. 25th St. in November 2019.
The purchase was led by Kaufman Investments president Michael Kazmierski with VP Lorenzo Bakewell-Stone, along with Andrew Piekarski, director of US acquisitions of AXA IM – Real Assets. The sellers hired JLL to market the building for sale.
AXA and Kaufman intend to undertake a significant capital improvement program to renovate and reposition the 113-year-old building. Kaufman will execute the capital improvement program and handle subsequent management and leasing.
“56 W. 22nd demonstrates our commitment to furthering investment in the Midtown South market, while assisting in its evolution by drawing and retaining dynamic office and retail tenants,” said Kazmierski.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).