24-28 West 25th Street and 48 West 25th Street
The Madison Square Collection Portfolio represents a sizeable Flatiron District office transaction at $477-$481 per square foot, which is broadly in line with current market comps for repositioned or stabilized office product in that submarket, though NYC office fundamentals remain challenged post-pandemic with elevated vacancy rates across the borough. The buyer consortium of Kaufman Investments and Two Sigma brings both real estate operational expertise and deep institutional capital, meaningfully reducing execution and financial risk. Savanna's use of Eastdil Secured — one of the most active and credible CRE advisory teams nationally — signals a well-run, arms-length sale process with no distress indicators. The Flatiron District has shown relative resilience compared to Midtown South peers, supported by tech and financial services tenancy, though near-term lease rollover risk in a softening office market warrants careful underwriting of in-place cash flows. Overall this is a creditworthy, institutionally structured transaction with strong party pedigree, though office sector headwinds temper the grade to a solid B.
Deal Stats
Parties
Seller / Landlord
Savanna is a well-established New York City-based real estate private equity firm with extensive experience acquiring, repositioning, and selling office and mixed-use assets across Manhattan, known for value-add strategies and disciplined exit execution. Their sale of the Madison Square Collection Portfolio through Eastdil Secured reflects a structured, advisor-led disposition consistent with their institutional approach.
Buyer / Tenant
Kaufman Investments is a seasoned NYC-focused real estate investor with a multi-decade track record across office and mixed-use assets in Midtown and Downtown Manhattan. Two Sigma is a prominent quantitative investment firm that has increasingly deployed capital into real estate as a strategic diversification play, bringing institutional-grade underwriting and deep balance sheet strength to the partnership.
Score Analysis
Why this score
Buyer Consortium Quality
Kaufman Investments' multi-decade NYC track record combined with Two Sigma's institutional capital and underwriting rigor significantly de-risks execution.
Pricing within Market Comps
The $477-481/SF pricing aligns with stabilized Flatiron office comps, suggesting no distressed liquidation or overpayment.
Structured Sale Process
Eastdil Secured's involvement as advisor signals a disciplined, arms-length transaction without distress indicators.
NYC Office Sector Headwinds
Elevated post-pandemic vacancy rates and softening fundamentals across Manhattan create near-term lease rollover and cash flow risks.
Flatiron Submarket Resilience
Tech and financial services tenancy has provided relative outperformance versus Midtown South, improving tenant quality assumptions.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Disclose transaction price and exact square footage
Unknown amount and size create valuation opacity; confirming $477-481/SF pricing validates market assessment.
Provide tenant roster and lease expiration schedule
Detailed rollover timeline would clarify cash flow risk and tenant credit quality in the softening office market.
Quantify value-add repositioning plan
Specific capital expenditure and rent growth assumptions would demonstrate how Kaufman/Two Sigma plan to offset macro headwinds.
Raw Deal Textclick to expand
traded + Submit Growing Financial Partnerships For Over 30 Years. Get Started Home Deals New York Office Sale 24-28 West 25th Street, New... Share SOLD Kaufman Investments And Two Sigma Acquire Madison Square Collection Portfolio From Savanna For $125M 24-28 West 25th Street, New York, Ny, 10010 & 48 West 25th Street $125,000,000 $477/SF BUILDING SIZE 261,715 SF ASSET TYPE CLOSING Jun 7, 2026 Overview Players Market Deal Summary Caption AI The property asset involved in the transaction is the Madison Square Collection Portfolio, located at 24-28 West 25th Street and 48 West 25th Street in the Flatiron District. The total sale price for the asset was $125,000,000, encompassing 260,000 square feet, which reflects a price per square foot of $481. Summary of transaction details: Property Type: Office Transaction Amount: $125,000,000 Square Footage: 260,000 Price per Square Foot: $481 Buyer: Kaufman Investments - Mike Kazmierski & Two Sigma Seller: Savanna Advisors: Gary Phillips, Will Silverman, Jeff Organisciak & Carly Shoulberg - Eastdil Secured Market: Flatiron District This transaction involved significant players in the real estate sector, with Kaufman Investments and Two Sigma as the buyers represented by Mike Kazmierski. The seller, Savanna, was advised by a team from Eastdil Secured, including Gary Phillips, Will Silverman, Jeff Organisciak, and Carly Shoulberg, highlighting the collaborative nature of the deal. PLAYERS All Brokers Buyers | Sellers Jeff Organisciak Eastdil Secured BROKER $8.9B VOL 37 deals Contact Gary Phillips $34.9B 89 deals Will Silverman $28.1B 72 deals Carly Shoulberg $3.9B 11 deals Savanna SELLER Midtown South West Office Market Snapshot Neighborhood boundary · Office · Sale transactions Full Market → Comps 10 Listings Investors Top Brokers Lenders Savanna Acquires Office Building In Flatiron For $110M From Unizo Holdings 133,561 SF · Apr 2019 New York, New York $110,000,000 $823/SF <0.1 mi Kaufman Organization & AXA Financial Acquire Office Building In Flatiron District For $120M 135,000 SF · Nov 2019 $120,000,000 $888/SF Savanna Acquires New York Property At 48 W 25th St For $100 Million With Newmark Representation 126,256 SF · Dec 2018 $100,000,000 $792/SF Savanna Acquires Office Building In Chelsea For $100M 126,000 SF · Oct 2018 $793/SF Savanna Acquires Office In New York From Seller's Rep Paul Gillen For $126M 144,500 SF · Jul 2017 $126,000,000 $872/SF 0.1 mi Brodsky Acquires Office Building In Flatiron District For $161M 176,000 SF · Oct 2023 $161,000,000 $914/SF 0.2 mi Jeffrey Gural's GFP Real Estate Acquires Flatiron Building In New York For $161M May 2023 Ebi Khalili, Josh Rahmani & Aaron Bergman Acquire Office Asset In Manhattan For $104 Million 358,000 SF · Nov 2025 $104,000,000 $290/SF 0.3 mi Josh Rahmani And Ebi Khalil Of Empire Capital Acquire Office Assets In Flatiron District For $130M 674,000 SF · May 2025 $130,000,000 $192/SF Joshua Zamir Of Capstone Equities Purchases Chelsea Office Building From Rutger Arnhult And Michael Kirchmann For $83M 100,000 SF · Jun 2025 $83,000,000 $830/SF Live MORE DEALS $110M $120M $100M $126M $161M — · May 2023 $104M $130M $83M NEARBY MARKETS NEIGHBORHOODS Long Island City Central Williamsburg Commercial District Greenpoint Williamsburg Financial District Downtown West Commercial District Chinatown Lower East Side East Village West Village Clinton Midtown BOROUGHS Staten Island Bronx Queens Manhattan Brooklyn CITIES Paterson Hackensack Bayonne Paramus East Orange Hoboken Newark Clifton Jersey City West New York Linden Fort Lee STATES North Carolina Virginia West Virginia Michigan Massachusetts Pennsylvania Vermont South Carolina New Hampshire District of Columbia New Jersey We are telling CRE's story Traded is the #1 source for cutting-edge CRE transactions & insights. 1M+ DEALS 100K+ USERS 47 MARKETS 1.2M+ FOLLOWERS Browse Closings by State National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Minnesota Mississippi Missouri Montana Nebraska Nevada New Mexico North Dakota Ohio Oklahoma Oregon Rhode Island South Dakota Tennessee Texas Utah Washington Wisconsin Wyoming Search News Agents Agencies About About Us FAQ Testimonials Help Help Center Pricing Return Policy Follow a feed Nat @traded NY @tradedny MIA @tradedmiami LA @tradedla CHI @tradedchicago BOS @tradedboston DAL @tradeddallas NJ @tradednj 300K+ The Traded Weekly Every major deal & ranking update — Friday mornings. Email © 2026 Traded Media LLC · All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use