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Renovation and Repositioning

By Al Barbarino 4/30 3:21pm

Renovation and Repositioning

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Chetrit and Bistricer Push Forward at Flatotel After Acquisition and Loan

City records published yesterday confirm the previously reported $180 million sale of the Flatotel at 135 West 52nd Street to Joe Chetrit and David Bistricer.

Chetrit Group and Mr. Bistricer’s Clipper Equities went into contract to purchase the property from a joint venture involving Rockpoint Group, Atlas Capital and Procaccianti Group earlier this year.

Last week the duo snagged a reported $115 million loan for the condo conversion project and plan to use the financing – arranged by Meridian Capital Group – to push forward with its redevelopment plans for the 47-story, 288-room vacant hotel. Read More

By Al Barbarino 4/26 4:30pm

Renovation and Repositioning

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Subway Stop at Smith and 9th Streets in Brooklyn Reopens to the Delight of Most, Frustration of Others

In an age where the term “new subway” is something of an oxymoron in New York City, the world’s tallest subway station is back in sparkling action today at Smith and 9th Streets in Brooklyn after a two-year hiatus and $32 million renovation.

The reopening of the station and a makeover — highlighted by shiny metal, crisp blue tiles, florescent lights and a maritime theme — elated most of the roughly 4,763 daily commuters who were cut off from the station when it was shuttered in May 2011.

“I’m so excited for this train station right now,” one subway rider told NY1, while another rejoiced, adding, “The nightmare is over.” Read More

By Gus Delaporte 4/22 1:30pm

Renovation and Repositioning

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Vornado Eyeing Tech in Penn Plaza

Vornado Realty Trust is planning renovations to some of its properties around Penn Station, The Wall Street Journal reported this week. The plans are partially motivated by the desire to attract technology and media tenants to the properties, according to the report.

“We benefit from spillover from the Chelsea and Park Avenue South submarkets, which are flooded by tech firms and workers who don’t wear ties,” Steven Roth, newly named chief executive officer, wrote in a recent letter to shareholders. Read More

By Gus Delaporte 4/17 7:45am

Renovation and Repositioning

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APF Properties Trades Retail for Bike Room as Historic Club Row Building Gets Up to Speed

APF Properties’ has converted ground floor retail space to a bike room at 28 West 44th Street, also known as the Club Row Building, The Commercial Observer has learned.

“Looking at Mayor Bloomberg’s campaign to promote bicycle use in New York City, we thought we would be proactive and create a bicycle room in lobby,” David Rosenbloom, executive director at Cushman & Wakefield, the leasing agent. “Feedback from tenants has been positive.” Read More

By Al Barbarino 4/02 8:00am

Renovation and Repositioning

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50 Broad Street Celebrates Centennial

The 20-story office building at 50 Broad Street turns 100 years old this year, but don’t be fooled by its age: the building just got a multimillion dollar nip and tuck that ownership hopes will keep it around for at least another century.

In concert with Cushman & Wakefield, the building’s manager since 1962, ownership has so far pumped $16 million into a major infrastructure upgrade that includes a new lobby and aims to restore the property’s 1913 charm, while bringing it up speed with its younger neighbors. Read More

By Al Barbarino 3/06 11:04am

Renovation and Repositioning

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Building 77 at Brooklyn Navy Yard Slated for $80 M. Renovation

The Brooklyn Navy Yard Development Corporation (BNYDC) announced today the launch of a $80 million renovation of a one million-square-foot warehouse known as Building 77 at the Brooklyn Navy Yard.

Construction on the 16-story property is set to begin in the spring of 2013 and will be completed in 18 months, with plans to transform the former ammunition depot into a hub for manufacturing and technology innovation, built to LEED Silver standards.

“Thanks to $80 million of private investment from BNYDC and investors, Building 77 will come back to life as a hub of manufacturing and technology innovation,” said Andrew Kimball, president and CEO of the Brooklyn Navy Yard Development Corporation, in a statement. Read More

By Al Barbarino 2/25 11:01am

Renovation and Repositioning

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Brodsky to Renovate 157 Columbus Avenue Following Disney Departure

The Brodsky Organization is renovating and repositioning 157 Columbus Avenue following the departure of longtime tenant Walt Disney Co., The Commercial Observer has learned.

The renovation is the first at the Upper West Side office building since it was built 30 years ago, in 1983 – the same year Walt Disney signed its lease there.

Ownership hired architecture firm Davis Brody Bond LLP to design the new lobby, elevator cabs, bathrooms, and upgraded building infrastructure, while a team from Cushman & Wakefield will resume its leasing efforts on the roughly 70,000 square feet of available space after the renovations, expected to conclude this summer, are complete. Read More