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."
The property will offer full floors ranging from 6,000 sf to 9,000 sf. A total of 25,000 sf will become available in the next several months and will include full floors. Cushman & Wakefield's Mark Lauzon is the exclusive leasing agent for the office space in the building. Jedd Nero of CB Richard Ellis will represent the 17,000 sf of retail on the first and below-grade levels.
Built in 1926, 64 W. 48th features 83 feet of frontage on West 48th Street between Fifth and Sixth avenues. Muss Development says the property is convenient to both Penn Station and Grand Central Terminal as well as Bryant Park and Rockefeller Center. It's also just a few yards from a subway stop used by the B,D, F and V trains.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
