Jonathan Fanuzzi, managing director of Newmark Knight Frank, the building's managing and leasing agent, tells GlobeSt.com that the improvement program will have minimal impact on the tenants. The building is currently 86% occupied.
Fanuzzi says that the rent has increased dramatically over the past 12 months with the promise of completing the program and "should continue to grow." He adds that the program should be complete by July 2009.
Fanuzzi explains to GlobeSt.com that the building's improvements are part of a wider $1.5 billion capital improvements program throughout the W&H Properties portfolio. The improvements are complete at the four original properties in the portfolio, and are underway at the five buildings--including 1350 Broadway--that were added to the portfolio in 2007.
"The high quality that will result from these renovations is the same as that of the original properties in the W&H portfolio--60 E. 42nd St., 501 Seventh Ave., 1359 Broadway and 250 W. 57th St.--where the capital improvement programs are complete," notes Fanuzzi. "All of these properties underwent top-to-bottom renovations, which transformed them," he continues.
The building, which is situated on the north side of Herald Square, is owned by 1350 Broadway Associates LLC, a partnership led by Peter L. Malkin. The building, which contains 25 stories, offers convenient access to the Long Island Rail Road, Metro North, New Jersey Transit, Amtrak, Port Authority, PATH and fifteen subway lines.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
