Crain’s NY Business Reports on The Kaufman Organization’s Ground Lease at 21-01 51st Ave., Long Island City
Crain’s New York Business, Commercial Property Executive, The Real Deal, and Globe St. recently reported on The Kaufman Organization’s 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. Olshan Real Estate attorneys Thomas Kearns and Dov Brandstatter worked on the ground lease for this transaction.