NEW YORK CITY, NY – January 6, 2012 – (RealEstateRama) — As part of ownership’s determination to change the entire tenant make-up and profile of its repositioned Broadway office portfolio, W&H has determined to target food users to service the corporate tenant base in the area and attract night-time activity to 1359 Broadway. In keeping with this goal, Malkin Holdings has instructed 1359’s retail agents to replace the current older tenants, which do not have customers amongst its tenants in 1333, 1350, 1359, and 1400 Broadway.
“Presently, there just is no place our new tenants can go for a business lunch or after-hours drink or meal without leaving the area. So we are combining two retail spaces at 1359 Broadway to create a multi-level restaurant availability of nearly 14,000 square feet in the heart of the Penn Plaza district, which has huge, unfulfilled demand,” says Anthony Malkin, president of Malkin Holdings, which supervises W&H Properties.
The combined assemblage includes 6,200 square feet on the ground floor, 2,400 square feet on the mezzanine level and 5,300 square feet on the lower level. In addition, it features over 60 feet of frontage on Broadway, and has ceiling heights of 16 feet on the lower and the ground levels.
Also available is a corner space, on 36th Street, which contains 2,100 square feet on the ground floor, 3,400 square feet on the lower level, and 125 feet of wraparound frontage. It, too, offers ceiling heights of approximately 16 feet on both the ground and selling lower level.
“The location offers major advantages,” says Mr. Malkin. “Our portfolio in the immediate area alone includes more than three million square feet of highly occupied office space — with more than three times that amount owned by others, exceptional convenience, high pedestrian traffic in a 24/7 environment, and a very popular party/function space directly across the street from which party-goers have no alternatives before or after an event.
“It’s a great opportunity for the right user,” he concludes.
Located in the heart of the Penn Plaza district at 36th Street, 1359 Broadway contains 22 stories and 480,000 square feet of modern office space. It offers convenient access to the Long Island Rail Road, New Jersey Transit and Amtrak at Penn Station, the Port Authority Bus Terminal, the PATH, 15 subway lines and all major bus lines.
The property, which won the prestigious 2007 Building Owners & Managers Association New York (BOMA/NY) award for Renovated Building of the Year, recently completed $54 million in upgrades, including a noteworthy lobby ceiling restoration; new lobby and windows; renovated elevators, air-conditioned public corridors and restrooms; and upgraded building-wide systems, including state-of-the-art electrical, plumbing, HVAC and security.
Part of the W&H Properties Pre-War trophy office portfolio, 1359 Broadway is supervised by Malkin Holdings LLC, one of New York City’s most financially stable ownerships. W&H Properties is committed to sustainable property operations and development, including energy efficiency, water use reduction, waste and recycling and indoor environmental quality initiatives.
Available space ranges from W&H portfolio standard high-end pre-built units from approximately 2,500 square feet to build-to-suit spaces from 5,000 to 10,000 square feet.
Broker commissions are paid in full at lease signing.
