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.”
The 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.