The Kaufman Organization Acquires the Cardinal Building in Long Island City's Hunter's Point Neighborhood Via 99-Year Ground Lease

NEW YORK, April 2, 2018 /PRNewswire/ -- The Kaufman Organization today announced that it has acquired the Cardinal Building, a 65,000-square-foot property in Long Island City's Hunter's Point neighborhood, via a 99-year ground lease. Acquired from Martial Enterprises, the three-story building located at 21-01 51^st Avenue, will undergo an extensive capital improvements campaign, transforming the asset into a top-tier office and retail destination for forward-thinking companies yearning to house operations in one of New York City's most dynamic neighborhoods.   

Fred Leffel, President, Kaufman New Ventures; Grant Greenspan, Principal, Kaufman Organization and Michael Kazmierski, Principal and Director of Acquisitions, Kaufman New Ventures led the efforts in securing the 99-year ground lease on behalf of Kaufman. Thomas D. Kearns of Olshan, Frome and Wolosky served as the firm's counsel. Ryan Maltz of Greiner-Maltz served as the broker on the transaction.

"Kaufman has seen tremendous recent success with the repositioning of properties in Midtown South and is proud to bring this same expertise to Long Island City," said Mr. Leffel. "This is our second investment in Hunter's Point, an area that is quickly becoming a dynamic hub for creative companies. Our strategic investment and reimagining of the Cardinal Building will transform it into a first-class office destination that will attract innovative, cutting-edge firms to this burgeoning area of Queens."

The acquisition reflects the firm's commitment to repositioning assets in the neighborhood, bringing to market best-in-class office and retail spaces to attract the steady migration of innovative firms that are shaping the area into a creative hub. The Cardinal Building is situated between two properties, the Paragon and Blanchard buildings, which have been dubbed the Point LIC and are currently being redeveloped jointly by Related Companies and GreenOak Real Estate. Along with Kaufman's longstanding ownership of the Kaufman Astoria Studios, its recent transactions in the Queens borough include the 850,000-square-foot 24-02 49th Avenue (the NYCHA operations building), the UA Kaufman Astoria Stadium 14 theater complex and 35-01 36th Street in Astoria.

"The acquisition of 21-01 51st Avenue continues to solidify the Kaufman Organization as one of the most active and longstanding commercial real estate investors in the Long Island City and Astoria markets. The Cardinal Building offers a special opportunity to create a boutique flagship campus for a creative office, retail or entertainment concept," said Mr. Kazmierski. "We look forward to helping shape the emergence of Hunter's Point as a leading creative office hub."

Kaufman's plans for the Cardinal Building call for a full revitalization of the property, which will include a fully renovated building facade, new lobby and upgraded elevators and windows. Additionally, new plumbing, electrical, heating and cooling systems will be installed. Kaufman's marketing team, led by Director of Marketing and Digital Media Jessica Kosaric, will rebrand the building via a comprehensive campaign that will include a new website, advertising and social media efforts.

For more information regarding the Cardinal Building, please contact Grant Greenspan at 212-471-4340 or GrantG@kaufmanorganization.com or Jessica Kosaric at 646-421-6420 or jessicak@kaufmanorganization.com.

For updates on The Cardinal Building please visit, www.thecardinalbuilding.com.

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SOURCE The Kaufman Organization