NEW YORK CITY—GlobeSt.com has confirmed that Shorenstein Properties has an ambitious plan for 1407 Broadway that includes a full renovation and rebranding. The company is investing $30 million to refurbish the Midtown office property, according to the Wall Street Journal.
SRS Real Estate Partners EVP and principal Patrick Smith, SVP Erin Grace and VPs Corey Zolcinski and Matt Ogle have been retained to market the building's 33,000 square feet of retail space while CBRE vice chairman Peter Turchin and first VP Gregg Rothkin have been tapped to market the 1.1 million-square-foot asset's office space, GlobeSt.com has learned EXCLUSIVELY. The building's lobby, retail stores, façade and entrance all are being redesigned.
This past May, Shorenstein purchased the property from Lightstone for just over $330 million, or $303 per square foot. It sits between West 38th and West 39th streets, in the Garment District.
Currently, the retail space is 61% occupied while the entire building is 81% occupied. Major retail tenants include Abigael's on Broadway, Capital One and Wells Fargo. Major office tenants include Main Street Hub, TechStars, GoGoTech, S. Rothschild & Co. and AJ Blue.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
