"We've been interested in this property for a year and a half," Bill Brodsky, a principal of Tribeca along with Elliott Ingerman and Ken Pliska, tells GlobeSt.com.
To date, the locally based commercial real estate ownership, asset management and investment company, has purchased and sold more than $200 million worth of commercial real estate outside the city. Tribeca is now pursuing a growth-oriented strategy here and plans to create added value across a broad and improved management.
"We've always kept our eyes on New York," Brodsky explains. "We'll continue to look for opportunities in neighborhoods that will show growth."
Tribeca executives feel Penncom is in just such a neighborhood. It's situated just one-half portfolio of assets targeted for redevelopment block from Madison Square Garden, Penn Station and the Herald Square PATH station The site is distinguished by a through-block main lobby that connects 31st and 30th streets and has windows on all four sides.
"Penncom Plaza is located at the heart of midtown Manhattan's most vibrant and growth-oriented retail and commercial district--the 34th street cross town artery,"Brodsky adds.
Brad Settleman, principal of Ritchie Capital, says of plans for the site, "Penncom Plaza offers strong, predictable contractual rental growth. Coupled with our 'going in' cap rate, we are well positioned to take this asset to a much higher level of value."
Almost all of the building's systems were replaced or upgraded under the program. The site features modern HVAC, electrical and telecommunications systems, as well as modern digital elevator controllers. In addition, the main lobby was restored to its original grandeur and flooring, lighting fixtures and marble surfaces have been restored and refinished.
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