Renovation and Repositioning

Renovation and Repositioning

Landmarks Commission Greenlights Sweet Overhaul on Dumbo Waterfront

10 Jay Street.

The Landmarks Preservation Commission approved today plans to overhaul a waterfront building with a crystallized facade in Dumbo inspired by the structure’s history.

Triangle Assets, the developer, plans to convert the commercial building at 10 Jay Street, which went up in 1890, into 46 condo units along with three retail spaces at the ground level. Now that the plan’s been approved, executives expect to start demolition on May 1 and finish the project by September 2016. Read More

Renovation and Repositioning

Frick Collection to Renovate and Expand

1 East 70th Street. (PropertyShark.)

The Frick Collection today announced plans to renovate and expand the historic Upper East Side mansion housing the museum. The plans call for an addition to the East 70th Street side of the museum, adding 42,000 square feet to the existing structure.

The design will be consistent with the Frick’s original three-story house and six-story library, the museum said in a statement. The addition is expected to include gallery space, an expanded entrance hall, additional space for the Frick’s reference library, a 220-seat auditorium a rooftop terrace. Read More

Renovation and Repositioning

Sabey to Renovate Office Floors at 375 Pearl Street

Renderings of renovated 375 Pearl Street.

Sabey Data Center Properties plans renovate 15 upper stories at the company’s 375 Pearl Street building to better accommodate office space.

The plans call for the installation of floor-to-ceiling windows on the top-half of the building, which is also known as Intergate.Manhattan. Windows will be added to the north, east and south sides of the building, while existing windows on the west façade will be uncovered from inside the structure. Read More

Renovation and Repositioning

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

Renovation and Repositioning

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

Renovation and Repositioning

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

Renovation and Repositioning

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

Renovation and Repositioning

50 Broad Street Celebrates Centennial

50 Broad Street

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

Renovation and Repositioning

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

(New York State Military Museum)

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

Renovation and Repositioning

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