256,000-SF Art Deco Tower Gets Makeover

NEW YORK CITY-Skyline Developers LLC, the Manhattan-based affiliate of privately held Garden Homes Development, is nearing completion of a multimillion dollar program of capital improvements at 1040 Avenue of the Americas, a 24-story, 256,000-sf office building here in Midtown. Skyline Developers tells GlobeSt.com that the cost of the improvements–which are scheduled to be complete at the end of the quarter–is in excess of $15 million.

As GlobeSt.com previously reported, Skyline Developers purchased the building in a package with 1050 and 1052 Avenue of the Americas for $170 million last July. At the time, Orin Wilf, Skyline’s president, told GlobeSt.com that the plans were not yet set “for the future of these buildings.”

Wilf says in a prepared statement that major improvements in this office tower “will result in full and half floors of desirable high-end prebuilt suites that will appeal to potential tenants including those in the financial and legal sectors.” The 24-hour attended lobby has been enhanced with new decorative fabric panels and a Wall Street Journal video wall. Improvements will also include new elevator cabs and upgraded building systems throughout.