Jonathan Kaufman is a sales associate for The Local Group at Lila Delman Compass. He recently completed the sale of the Rose Furniture Co. building at 245 Warren Ave. in East Providence, which was sold for $600,000 after operating as a family-owned furniture store for more than eight decades.
The Local Group was ranked among the top two teams in closed sales volume in Washington County for 2022, according to Lila Delman Compass, referring to the RealTrends 500 and America’s Top 100.
A graduate of the University of Rhode Island and resident of Providence, Kaufman opened his first restaurant at age 26. He was the owner of both Sandwich on Thayer Street and Umelt on Weybosset Street, both in Providence.
PBN: You recently worked on the sale of the landmark Rose Furniture store in East Providence. What are your thoughts about this sale of a historic building that housed a family business?
KAUFMAN: We were absolutely thrilled to represent the Rose Family in the sale of this special building. With its high visibility and historic allure, there's a great deal of excitement about its potential. It's always a privilege to play a role, no matter how big or small, in the story of a place, especially when it's a local landmark.
We're genuinely thrilled for the new owners. They have big dreams for the building, intending to convert it into a mixed-use apartment space, all while giving a nod to the legacy of the Rose Family.
PBN: How difficult is it, or how much patience does it take, to sell a commercial building like this located in a city center, especially considering how the way people shop or buy things has changed so much in recent decades with more people shopping online, going to malls or to big-box stores?
KAUFMAN: Such transactions require a great deal of patience, professionalism and commercial experience, particularly when dealing with complexities such as converting existing use to new use, all while conforming to local zoning and regulations. The process requires education of buyers, work with municipalities and amenability on both sides of the transaction. There are several factors in commercial real estate that often take more time than in residential real estate, thus timelines are often longer.
PBN: You have a lot of experience in the restaurant industry. How did that influence your work in commercial real estate?
KAUFMAN: Over the past 10 years my business partner, Ben Wood, and I have opened and sold six restaurants in Rhode Island. From negotiating leases to navigating business sales, we have intimate knowledge and firsthand experience on all aspects of commercial real estate. Our resume has endorsed the confidence and trust our clients place in us during each transaction.
PBN: How is the current economic climate affecting commercial real estate?
KAUFMAN: Though interest rates have undeniably affected buying power for many investors, deals are still happening every day. Businesses are still growing, needing more space, and conversely, many businesses are reducing their footprint with a trend toward remote work. Either way, clients are transacting and the commercial spaces are being put to great use.
PBN: What advice would you have for others in the business of selling commercial real estate in Rhode Island right now?
KAUFMAN: Be patient. Partner with a well-qualified commercial associate to help guide you through the process. Spend some time to learn the basics, just as you would in residential – there are many nuances to be cognizant of. Know your data and go forth with confidence and thick skin.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
