34th Street

Real Estate

Success Spreads to Edges of District

Two deals indicate the neighborhood-wide strength of the real estate market.

CoStar

The western edge of the 34th Street District is scheduled for a major aesthetic upgrade, as Brookfield Office Properties has announced plans to spend $200 million transforming the “fortress-like” office building located at 450 W. 33rd Street from a “beast into a beauty,” according to Steve Cuozzo of the NY Post.   

Cuozzo adds that Brookfield, which owns the adjacent development Manhattan West, has hired Joshua Prince-Ramus of “hot firm REX” to re-clad the building in glass. It will be renamed Five Manhattan West, and connect with the rest of the development via a park to be built over the Dyer Avenue Lincoln Tunnel entrance. This is exciting news that bodes well for the future of the immediate area.

We also noticed this article by Daniel Geiger in Crain’s New York Business. Geiger notes that New York Community Bank recently signed a lease to take an entire floor (15,000 sq.ft.) at 1250 Broadway, on the southern edge of the 34th Street District. The deal continues a run of leasing success at 1250 accredited to “change in perception over its location,” due in part to the “pedestrian improvements at Herald Square.” Overall, the immediate neighborhood of the building was described by Geiger as having “transitioned from an underbelly of midtown to an extension of trendy midtown south.” Mitchell Arkin, leasing broker at Cushman & Wakefield, added: "The building’s location at a cross roads is now looked at as desirable. It’s right at the gateway to Koreatown, so it has culture, and tenants see it as a changing area that has a lot of character." 

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