Paul Bubny is editor of Real Estate New York.
NEW YORK CITY-A multimillion-dollar capital improvement program is under way for 64 W. 48th St., a 17-story, 130,000-sf office building Muss Development LLC has acquired. The developer bought the Rockefeller Center-area property for $54.5 million from Western Management, which paid $34 million for it two years ago.
Muss plans to reposition 64 W. 48th, currently used primarily as a jewelry showroom, into a boutique office building. Along with restoring the lobby, the capital program will provide new elevator cabs and common areas, new windows, upgraded facade and roof, new HVAC systems, electrical system upgrades, new bathrooms, upgraded security systems and keycard access.
GlobeSt.com has learned that for Muss, the property was attractive because of its "great location," appeal to a wide array of prospective tenants and potential for repositioning as a class A facility. "We will be able to offer leases at a fraction of the cost of nearby alternatives yet still provide the kind of space that a first class tenant demands and requires," says Jason Muss, a principal of Muss Development. "This building also fits nicely within our commercial portfolio, which totals over four million sf throughout New York City."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.