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KPG Funds Hires Noah Kaufman to Help Acquire Over $1 Billion of NYC Office and Retail Real Estate
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NEW YORK, May 13, 2021 /PRNewswire/ KPG Funds (KPG), a trending leader in office development in NYC, today announced Noah Kaufman as Managing Director of Acquisitions to support the company s goal of acquiring over $1 billion in NYC office and retail.
Indicating its confidence in the city s rapid rebirth and underscoring its plans to invest in the Big Apple KPG Funds has hired a Managing Director of Acquisitions for the first time and tapped veteran Noah Kaufman for the role. He brings more than 20 years of acquisitions and asset management experience to the growing real estate firm.
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The pandemic-driven downturn has disrupted Manhattan’s office real estate market, where availability has hit record highs in recent months.
But certain pockets of the borough have shown more resilience than others.
The corridor along Park Avenue between 44th and 61st streets had the strongest demand relative to its availability in the fourth quarter of 2020, according to the relative strength submarket index (RSSI) figures issued by KPG Funds, in partnership with Newmark. The area’s availability was just shy of 4 million square feet, while the demand was 2.4 million square feet. (See the chart below)
Noho and Soho which includes the areas between Canal and 14th streets from Fifth to Sixth avenues, and Canal and 13th streets from Third to Fifth avenues also came in strong in Q4, according to the index. The area had about 1.4 million square feet of availability and 822,000 square feet of tenant demand.
KPG Funds names first CFO amid growth push
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KPG Funds has hired Steve Smith, an Iron Point Partners and Westbrook Partners alumnus, as its first Chief Financial Officer
KPG Funds Logo Smith will bolster our management team as we grow our institutional relationships and tap into the dislocation in New York office. - Greg Kraut NEW YORK (PRWEB) February 07, 2021 Indicating its confidence in the city’s rebirth and underscoring its plans to invest in the Big Apple KPG Funds has hired a chief financial officer for the first time, and tapped veteran CFO Stephen Smith for the role. He brings more than 30 years of finance, accounting and operational experience to the growing real estate firm.