Kaufman Organization secures $33M to refinance office and retail property in Chelsea
JLL Capital Markets arranges transaction with Citigroup Inc. for 111 West 19th St.
NEW YORK, Jan. 15, 2024 – JLL Capital Markets announced today that it has arranged a $33 million refinancing for 111 West 19th St., an eight-story, 189,731-square-foot office and retail building located in the heart of New York City’s iconic Chelsea neighborhood.
A JLL debt advisory team led by Senior Managing Director Aaron Niedermayer represented the borrower, the Kaufman Organization, securing financing from Citigroup Inc.
The property, which has been owned by the Kaufman Organization for over 70 years, is currently occupied by a diversified tenancy, including the iconic Kleinfeld Bridal as the retail tenant. The block-through building, located on West 19th and West 20th streets between 6th and 7th avenues, is steps from Chelsea’s restaurants, retail and nightlife, while standing in proximity to nearly all of Manhattan’s subway lines.
“The property stands out in the market as a destination for tenants seeking a superior quality building and the benefits of a dynamic Chelsea location,” said Niedermayer. “This transaction demonstrates that lenders continue to aggressively compete for well-located, high-quality office assets with best-in-class sponsors such as the Kaufman Organization.”
The side-core property offers tenants excellent light and air, with entrances and expansive windows on both 19th and 20th streets, interior light wells with windows on both sides, and lofted ceiling heights ranging from 12 to 14 ft. and flexible, 23,000-square-foot floor plates. Tenants on the upper floors have unobstructed views of Midtown and Downtown Manhattan, while the top floor has roof terraces on both the north and south sides of the building.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor Knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Kaufman Organization
The Kaufman Organization is a three-generation, family-owned and operated New York-based real estate company active in ownership of commercial and residential property, office leasing, management and acquisitions, with a portfolio of approximately 6 million square feet. Drawing upon a century of experience, the Kaufman Organization has successful divisions that work fluidly with each other to ensure maximized value for their partners, tenants, and clients. Kaufman Management Company LLC, Kaufman Leasing Company LLC, and Kaufman Investments LLC are comprised of a strong team of professionals that provide complete brokerage services, third-party property management, acquisition advisory and asset management services to institutional clients.