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Moinian Spends $60M for Redevelopment

NEW YORK CITY-The 722,000-sf building is projected for completion in the Q1 '09. The new building is expected to command $110 to $130 per sf.

By Natalie Dolce | Updated on January 09, 2008

[IMGCAP(1)]NEW YORK CITY-The Moinian Group will spend $60 million on its redevelopment of 1775 Broadway, 722,000-sf property formerly known as the Newsweek Building here. The property occupies the full block bounded by Broadway, Eighth Avenue, 57th and 58th streets in Manhattan.

The redevelopment of the 26-story building, designed by Gensler architects, will include replacement of the existing brick facade with a new glass curtain wall with shadow box and vision glass on all facades, a new lobby with backlit, frosted-glass walls, brushed bronze wall accents and white marble floors and new elevators. The building will also boast a new address: 3 Columbus Circle.

CB Richard Ellis tells GlobeSt.com that, as of now, asking price per sf for the building is $60.36. The Moinian Group projects that while rents have yet to be finalized, the new building is expected to command $110 to $130 per sf.

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