In a series of complex transactions, a joint venture of the Kaufman Organization and AIMS Real Estate, an affiliate of Goldman Sachs Asset Management, closed on a 99-year ground lease with Extell Development Company at 155 W. 23rd St., in Midtown South, for $45 million. Afterwards, Extell, through its affiliates, sold the 12-story, 82,000-square-foot vacant office building and four other buildings, for which Kaufman also holds 99-year ground leases, to affiliates of Edison Properties.
Last year, Kaufman, in a joint venture with Principal Real Estate Holding, acquired the ground leases to the four vacant properties at 119-125 W. 24th St.; 19 W. 24th St.; 45 W. 27th St.; and 13 W. 27th St. reportedly for about $150 million. Extell, whose founder and president is Gary Barnett, originally purchased the properties as part of a 14-building portfolio from the Ring family for $800 million in 2013.
