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Installation of a new managing agent, $53 million, three years of work, and the massive efforts involved in transforming 501 Seventh Avenue from a nearly vacant garment district facility to a fully occupied, high-profile neighborhood gem have proved entirely worthwhile, evidenced by its recent BOMA/NY Pinnacle award as the 2006 Renovated Building of the Year.
The renovations that led to the award included the installation of a state-of-the-art air conditioning system, new electrical and security systems, new elevators, corridors, bathrooms and windows, and a fully renovated lobby. Scott Pudalov, executive vice president of CB Richard Ellis, the property's leasing and managing agent, notes, "When the improvements program was launched in 2003, the building stood out for what was wrong with it, and the occupancy rate was only about 33 percent. Prominent tenants and their brokers weren't interested and would not even consider the building. Today, it's one of the most distinguished addresses in the area, with 99 percent occupancy and consistent attention from both brokers and prospective tenants." Current tenants include such high-profile companies as The Warnaco Group, Carolina Herrera, and the Local Initiatives Support Corporation (LISC), a leading nationwide community development corporation that even sent the building flowers when the BOMA/NY award was announced. Feedback from tenants on the improvements has been positive indeed. For example, Nadine Cino, president of vir2Ldesign studio, recently wrote to CB Richard Ellis to commend the "vast improvements in the management of the building" and "the outcome of the capital improvements thus far." "Tenants are happy, brokers are interested, and the occupancy rate has tripled, all of which were key objectives outlined in 2003, when 501 Seventh Avenue became part of the W&H portfolio," says Mr. Malkin. "The BOMA/NY award means a lot to us because it represents the achievement of our ambitious aims. To us, it's the icing on the cake that proves what we have been saying from day one: At W&H, we perform for you." |
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501 Seventh Avenue Receives Prestigious Building of the Year Award from BOMA/NY |
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