Search
 

Lipstick Building Gets a New Coat of Gloss

NEW YORK CITY-Herald Square Properties is working as co-asset manager with Irsa International to renovate the class A office tower at 885 Third Ave.

By Jacqueline Hlavenka | Updated on September 07, 2011

NEW YORK CITY-After a short-period of trouble, the current ownership of Manhattan’s famed Lipstick Building is pushing the property back up to top-tier status. New York City-based Herald Square Properties is working with co-asset manager with Argentinean real estate firm Irsa International to give the 34-story, 636,000-square-foot building at 885 Third Ave. a makeover.

Current capital improvements here include renovations of the lobby and plaza, as well as the implementation of a pre-built, Gensler-designed office space program, says Gerard “Jerry” Nocera, head of HSP, who tells GlobeSt.com that the building is undergoing a transformation after several years of distress. “This is a positive cash flowing asset right now that’s well capitalized,” he says. “It’s no longer a building that suffers from a choke-hold of a mortgage.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.