Reconfiguration of Building Lobby/Entrance and Retail
Times Square, New York, NY
271,000 square feet
- In Partnership with Benenson Capital , acquired adjacent properties through separate yet concurrent transactions to create transformational redevelopment.
- Demolished side property, relocated building’s core, lobby/entrance and consolidated elevators to create 30,000 SF of Prime Retail space and Optimal Billboard Rights along Broadway in Times Square.
- Fully renovated lobby and entrance, installed turnstiles and destination dispatch elevators, created a sky lobby on the mezzanine floor.
- Expansion of Penthouse floor for building’s largest tenant, Actors Equity creating a floor solely for “premiere audition space”.
- Increased rentable SF by 11%, Retail Rents by 228%, Office rent by 9%, Billboard Rents by 125%, and NOI by 369% .
- NNN entire retail space and billboard rights to credit tenant for a 40-year term.