The Kaufman Organization’s 99 Year Lease of a three-story, 65,000 sq. ft. industrial building at 21-01 51st Ave. in Long Island City, Queens.


Olshan advised The Kaufman Organization on the deal

The Kaufman Organization’s closed agreement with Martial Enterprises to take control of a three-story, 65,000 sq. ft. industrial building at 21-01 51st Ave. in Long Island City, Queens.

Signing a 99-year ground lease for the property, The Kaufman Organization plans to convert the building through a gut renovation, set for completion by the end of 2019, into creative office space by installing larger windows on the second and third floors, replacing loading docks and brick walls on the ground floor with large panes of glass for street-level retail or office space, and installing new plumbing, electrical, heating, and cooling systems.

The Kaufman Organization provides commercial and residential property ownership, office leasing, and property management and acquisition services. The company, led by Edward J. Hart and Steven J. Kaufman is based in New York.

Olshan Real Estate attorneys Thomas Kearns (Picture), Dov Brandstatter, and Genta Stafaj worked on the ground lease, while Olshan Tax and Personal Planning attorney Jason Tomitz handled the tax and corporate work in this deal.

Involved fees earner: Thomas Kearns – Olshan Frome Wolosky LLP; Dov Brandstatter – Olshan Frome Wolosky LLP; Genta Stafaj – Olshan Frome Wolosky LLP; Jason Tomitz – Olshan Frome Wolosky LLP;

Law Firms: Olshan Frome Wolosky LLP;

Clients: Kaufman Organization;

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Author: Ambrogio Visconti