A joint venture of The Kaufman Organization and AXA Real Estate Investment Managers US LLC purchased a 67,000-square-foot office building in Midtown South, N.Y., for $48.5 million in an all-cash deal, The Real Deal reported, citing the buyers.

The 12-story building at 56 W. 22nd St. is about 55% occupied, and will undergo capital improvements to the storefronts and tenant areas, the publication noted, citing Kaufman president Michael Kazmierski.