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.

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“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.”

1-01259-0019.akGgLGbIThe converted space is part of a large scale capital improvement plan at the building, which was renamed the Club Row Building in recognition of the university clubs located along 44th Street. The plan also includes a complete lobby renovation and enhancement of the building’s elevator cabs and mechanics.

The vacancy rate at the building currently stands at 8 percent and as space becomes available APF is undertaking prebuilds of vacant offices. Asking rent in the building ranges from mid $40s to $50 per square foot depending on floor.

APF Properties acquired the building in partnership with a Prudential Real Estate Investors fund for $161 million from SL Green in 2011. APF, which has since relocated its New York office to 28 West 44th Street, has a portfolio totaling 2 million square feet.

As reported by The Commercial Observer, CrewCuts, a post-production company, renewed its 18,000-square-foot lease at the Club Row Building in October of last year. The 10-year lease was for the building’s penthouse, where asking rents were in the mid $60s.

The C&W leasing team is comprised of Mr. Rosenbloom, Joshua Goldman, Emily Weber, Jonathan Fales and Michael Tranfalia.