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."