Building owners are preparing well for the future with investment in new common spaces.
Usually when a Manhattan building owner performs a restoration, it means one of two things: either the building has deteriorated to an unsafe degree, or the owners are looking to sell. That was not the case when the Kaufman Organization announced plans to renovate its 46-story tower at 450 Seventh Avenue.
As the Commercial Observer reports, the upgrades are coming and Kaufman is staying put. “We don’t plan to sell the building,” Steven Kaufman told CO. “Our plan is to increase rents and be more competitive. Everything is going to look new.” The $15 million renovation will visually improve all common spaces, including the lobby, hallways, bathrooms, and the basement.
This is a good move for Kaufman. Though the building is already at 100 percent occupancy, the future of the 34th Street District shines brightly, and this move ensures that the building will be in prime position to earn high rents well into the future.
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Since 1992, Partnership staff have made it their mission to turn 34th Street into the vibrant, bustling neighborhood it is today.
In just a few weeks, 34th Street will be blooming with all sorts of colorful flowers.