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1359 BROADWAY
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In a continuing effort to ensure that all the buildings in the W&H Properties™ portfolio exceed the quality standards brokers and tenants expect, we've kicked off an ambitious $53 million renovation project at 1359 Broadway, adding significantly to our ongoing, portfoliowide capital enhancement program for 2004.
When completed, the renovations at 1359 will result in a number of improvements from wall to wall and top to bottom, including a new lobby with marble walls and floors.
The lobby will feature a completely new, arched entrance that replicates its original design.
Alan Starkman, senior managing director of Newmark Realty, the building's leasing and managing agent, says, "In our investigation of the lobby, we discovered the original ceilings and part of our renovation is designed to restore ceilings originally installed in the 1920s."
In addition, the lobby's ceiling will be restored to its original height, the in-lobby stairs to the lower level will be removed, and there will be a new concierge desk and entry door.
The public corridors will be renovated throughout the building and there will be new restrooms and windows throughout. All building mechanical systems will be upgraded, including the electric distribution system, which will be enhanced to meet the increased electrical demands from today's tenants. New elevator cabs and mechanical systems will also be installed.
The building's fire and security systems will be replaced and a number of new roofs will be installed.
"Importantly, we have been planning and bidding this work for several months," says Mr. Starkman.
"Most of the major work will be completed by this winter, so tenants neednot fear disruption and noise for years to come."
Two New York architectural firms with significant commercial real estate experience have been retained for this extensive project. Fifeld Piaker & Associates will oversee the lobby restoration, while Mufson & Associates will supervise the remaining building work. Newmark will serve as the construction manager.
Anthony E. Malkin, senior director, Wien & Malkin Supervisory Services, the asset manager for W&H Properties, says the upgrades are further proof of ownership's commitment.
"We've begun many of these programs in a time of economic uncertainty,"he says." While it would be easy to wait until conditions improved, we're making these commitments now because we believe fully in the vitality of our portfolio, the growing demand for an upgraded product, and the economic health of the New York metropolitan area."
