Shorenstein Properties is renovating the 43-story, 1.1-million square-foot office building at 1407 Broadway, between West 38th and 39th Street, according to Real Estate Weekly. The updates will include a new lobby, entrance and retail space, as well as façade improvements on the rest of the building. Roughly 33,000 square feet of retail space will span the ground floor, and Fogarty Finger is leading the design process. Shorenstein acquired the building for $330 million this past spring.
In August of 2014, YIMBY brought you the first glimpse of the 39-story, 465-key Virgin Hotel planned at 1225 Broadway, in Midtown South, and we revealed more renderings in January of this year. According to Commercial Observer, the developer has now broken ground on the 500,000 square-foot building, which will eventually contain 90,000 square feet of retail space. The hotel portion will measure 300,000 square feet, and 30,000 square feet will be designated as amenity space for guests. The Lam Group is the developer, while VOA Associates is the design architect, and completion is expected in 2018.
The Kaufman Organization and Goldman Sachs have paid $45 million for a 99-year ground-lease on 155 West 23rd Street, in Midtown South, which is owned by Gary Barnett. Crain’s reports the existing 12-story, 82,000 square-foot office building will undergo a $10 million renovation immediately, which will include fixes to the roof, windows, and interior. Completion is expected by 2016, and ground-floor retail space will also be included.
Out of all the towers currently under construction in Manhattan, the most significantly relative to its surrounding neighborhood is likely 45 East 22nd Street. The Kohn Pedersen Fox-designed building will eventually stand 777 feet tall, but it’s already poking above the local concrete jungle, and its sloped cantilever is also now obvious, per the latest from Tectonic.
Over a year ago, applications were initially filed for a 36-story, 198-unit mixed-use building planned at 38-46 West 33rd Street in Midtown South, and then YIMBY revealed a rendering of the project this past summer. Now, The Torkian Group has landed a $105 million construction loan for their 220,000 square-foot building, Commercial Observer reports. As previously reported, 198 residential units will spread across 160,029 square feet of residential space, with units averaging roughly 800 square feet, and ground-floor retail will measure 5,872 square feet. Stephen B. Jacobs Group is designing, and excavation work is currently underway.
Isaac Chetrit and Jacob Aini have won a bid to acquire the 14-story, 63,000 square-foot commercial property at 315 West 35th Street, in the Garment District, for $43 million. The new owners plan to convert the vacant building into residential condominiums. The building was placed up for auction after the previous owner, developer Aaron Chitrik, defaulted on the property’s mortgage, according to The Real Deal.