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NEW YORK CITY - A $54 million program of capital improvements that led to 1359 Broadway's 2007 BOMA NY award for Best Renovated Building is now complete, announces James D. Kuhn, president of Newmark Knight Frank, the building's managing and leasing agent.
The program, launched in the fall of 2004, included a noteworthy ceiling restoration; a new lobby; new windows; new restrooms; a new HVAC system; upgraded electrical systems; newer, faster elevator operating systems; new elevator cabs; and refurbished public corridors.
While plans were being developed for the lobby renovation, ownership discovered the dramatic original ceiling, featuring a barrel vault of plaster coffered panels with decorative rosettes and moldings, hidden five feet above mundane flat sheet rock that had been installed in the 1970s. Consequently, what was once the crowning glory of a grand lobby has been duplicated with fiberglass-reinforced plaster castings, which are visually indistinguishable from the soaring original ceiling in the classic style of the 1920s. In addition to the restored ceiling, the new lobby features marble floors and walls, and an arched entrance with an exterior bronze canopy.
As a result of these efforts, the property received another prestigious honor: The 2007 Fashion Center Property improvement award in the Lobby Renovation Category. Barbara Blair Randall, executive director of the Fashion Center, informed W&H of the award, noting that "Projects like yours are helping to improve the economic vitality of the Fashion District for all who live, work and do business here."
Also included in the capital improvements program was a high-end pre-built program that provides tenants with new, clean spaces in move-in condition. These spaces, which are ready for immediate occupancy, feature new ceilings, lighting, and flooring in highly efficient layouts.
Thanks to a consolidation of office units - another component of the improvements program - large blocks were created for credit-worthy tenants. The entire fifth floor, for example, is available.
"The renovations completely transformed 1359 Broadway," notes Mr. Kuhn. "Today, it serves an important function as a reflection of W&H's vision for its properties. Brokers and prospective tenants interested in other W&H properties now undergoing renovations come here to see what the end results will look like."
Located in the heart of the Herald Square District, at 36th Street, and with a growing reputation as the crown jewel of the area, 1359 Broadway enjoys convenient access to the Long Island Rail Road, New Jersey Transit, Amtrak, the Port Authority Bus Terminal, PATH and fifteen subway lines.
Available space at 1359 ranges from pre-built units of approximately 2,500 square feet to a full floor of 23,567 square feet.
Part of the W&H Properties portfolio, 1359 Broadway is owned by Marlboro Building Associates LLC, a partnership led by Peter L. Malkin.
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