New York & Tri-State + Office | March 26, 2021

Kaufman Enters 99-Year Ground Lease on Haymarket Building

The Kaufman Organization acquired The Haymarket Building at 135 W. 29th St. for $34.5 million from MFM Properties LLC under a newly formed 99-year ground lease. Michael Kazmierski, president of Kaufman Investments, led the acquisition along with Kaufman Investments’ Lorenzo Bakewell-Stone.

“As the most active office investor in Midtown South and creator of newly formed office ground leases in Manhattan over the last half-decade, The Haymarket Building presents an excellent opportunity to capitalize on our core expertise,” said Kazmierski. “This will be our third Midtown South office acquisition in the past 14 months, and we look forward to continuing our contribution to the evolution of this submarket.”

135 W. 29th is an 82,000-square-foot, loft commercial building built in 1911 and approximately 70% occupied. The remaining vacant offices offer mixed-use, flexible spaces to accommodate a variety of businesses and industries. Kaufman plans to undertake a renovation and repositioning program.

Connect

Inside The Story

Connect With Kaufman

About Paul Bubny

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).