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NGKF Capital Markets was retained to source capital for a local New York City-based sponsor that recently closed on the $92.5 million acquisition of 27 West 24th Street in Manhattan’s Flatiron District. Senior Managing Director Garett Stoffels and Managing Director Barry Berkowitz advised the buyer and arranged the acquisition financing.
The sellers, The Kaufman Organization and its partners, acquired the 125,000-square-foot, 11-story office building in late 2012, at which time they embarked upon a capital improvement program that included upgrades to the lobby and the elevators, among other things.
“We worked diligently and discreetly over several months to advise this buyer on an appropriate capital structure that maximized its opportunity to acquire the property in the face of significant competition,” said Mr. Stoffels.
Mr. Berkowitz added, “We pride ourselves on our ability to work side-by-side with property owners, who seek commercial finance experts that are informed and can work efficiently and confidentially, and ultimately secure the capital needed to meet their financing objectives.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.