1333 Broadway

The goal is to transform this ideally situated but under-achieving garment building into a first-rate business facility for high-credit office and showroom tenants – a status that 1359 Broadway now enjoys.

A major component of the repositioning is a top-to-bottom $50-million capital improvements program. The renovations, which already are underway, encompass a beautiful restored lobby, new roof, new restrooms, windows, new existing and additional passenger elevators, renovated air-conditioned public corridors, and upgrades to all building systems, including electrical, plumbing, HVAC and security. Furthermore, the early lease termination of the existing Conway's retailer has been negotiated to bring a new, better-quality shopping experience to this neighbor of Macy's.

Another component of 1333 Broadway's transformation is a space consolidation program that will create full single floors of 29,087 square feet each. Three full floors are currently available, and a fourth will be available in 2008. This 116,348-contiguous-square-foot block also includes an exclusive 36th Street entrance with a private lobby and elevator, creating an outstanding corporate branding opportunity in the middle of Herald Square.

"We're very excited to bring this unusual leasing opportunity to market when large available spaces are becoming hard to find, especially in a building about to benefit from such a massive amount of capital improvements," comments Brian Waterman, executive vice president of Newmark Knight Frank, the property's managing and leasing agent.

The brokerage community, he adds, "is well aware of ownership's strong reputation and its track record in transforming the other buildings in the W&H portfolio and delivering on its promises." As a result, there is a great deal of interest in the available space at 1333 Broadway.

"It's a perfect time for a repositioning," Mr. Waterman points out. "The Herald Square district is becoming increasingly popular, while the amount of available space in an already tight market is decreasing rapidly. Companies that want to take advantage of the area's amazingly convenient transportation options, thriving atmosphere and proximity to Macy's, Herald Square and the fashionable 34th Street corridor are desperately seeking new neighborhood alternatives.

"1333 Broadway will exceed their expectations in every way," he continues. "And it offers yet another noteworthy benefit – outstanding views of what is arguably New York's most famous annual event - the Macy's Thanksgiving Day Parade. Tenants love to look out over the festivities."

To learn about leasing opportunities at 1333, please call Matt Leon, senior managing director of Newmark Knight Frank, at 212-372-2041, or email him at mleon@newmarkkf.com.