SINCE SEPTEMBER 11, 2001, Manhattan's real estate market has experienced many obstacles: a deep economic recession, a large property tax increase, and an excess of available office space from firms that have downsized or moved out of the city.
Yet despite the sluggish market, in 2003 the W&H Properties portfolio leased close to 500,000 square feet of office space – and paid over $5 million in commissions!
Our buildings are busier than ever:
- At 501 Seventh Avenue, over $50 million in extensive renovations have transformed the building into one of the leading Times Square South properties, and leasing has more than doubled in the past year.
- With its newly renovated lobby, elevators and corridors, The Lincoln Building has experienced similar success, with occupancy reaching an impressive 87%.
- 1359 Broadway is about to undertake a complete top-to-bottom renovation, projected in excess of $50 million.
- The International Toy Center continues to be the top toy-and-related industry mart, attracting new interest from companies marketing a variety of children's products.
- Because of its key Columbus Circle location and recent capital improvement program, 250 West 57th Street is attracting tenants in the 8-10,000 s.f. range. And, for the first time in the building's history, a full floor of approximately 21,000 s.f. is projected to be made available in late 2004.
As W&H Properties begins the new year, there are many opportunities for brokers to work with ownership to secure office space for tenants in extremely desirable, state-of-the-art buildings that are centrally located to all mass transportation.
We still have approximately 629,000 square feet of space to lease Ñ and more than $8.2 million in commissions to pay. And with 100% of commissions paid upon lease signing, isn't it worth a visit to see our properties to let us compete for your business?
|
|