Midtown South

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.

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.