34th Street

Real Estate

Renovations at 463 Seventh Avenue Pay Off

Space is filling up fast in newly renovated building in the 34th Street District.

Crain's New York Business

When Mystic Inc., a firm that manufactures women’s apparel under brands it licenses, including Michael Kors and Anne Klein, recently renewed and expanded its lease at 463 Seventh Avenue in the 34th Street District, both Crain’s New York Business and Real Estate Weekly took note.

The company signed a lease to maintain its hold on 31,220 square feet at the property, while adding 5,631 square feet. The new lease, which encompasses the building’s entire 12th floor and a portion of the 13th, extends until the end of 2030.

David Levy, a principal at real estate firm Adams & Co., represented the Arsenal Co., the landlord in the deal, and told Crain’s that the building’s owners recently performed $18 million of renovation work that has drawn new tenants and helped retain existing occupants. Mr. Levy has been on a “hot streak” of late, closing deals that have brought seven tenants to the building, and helping to bring it to 98% occupancy. His work was made easier by the renovations.

“The lobby was done, new cooling and heating systems have been installed and the building’s data connectivity has been upgraded to the point where it now has a platinum rating from WiredScore,” Levy said. “This is an owner that has really done everything it can to make this building one of the nicest in the area.”

It’s commitment like this that keeps office buildings in the 34th Street District packed with workers. Our hats are off to Arsenal, Co., a family firm that has owned this building since the 1920s.   

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