By Daniel Geiger
APF Properties is relocating to about 5,000 s/f at 28 West 44th Street, principals at the company have revealed. The space comprises part of the building’s seventh floor.
In partnership with Prudential Real Estate Investors, APF purchased the roughly 370,000 s/f property from SL Green in March for $161 million. The company is currently located nearby at another office building it owns, 25 West 45th Street, which is about 185,000 s/f and has been busy with recent leasing activity.
According to Ken Aschendorf, a principal at APF, the firm, which has focused on building a portfolio of Class B office properties in prime midtown locations, will be more than doubling its offices in the move from the roughly 2,000 s/f it occupies now.
“We have added personnel and we expect to take on additional staff,” Aschendorf said, noting that the company continues to troll the Manhattan sales market for acquisition opportunities. “We’re very, very bullish.”
APF Properties has pumped out a collection of deals at 25 West 45th Street and by moving, appears to be clearing space to continue leasing at the property while allowing itself room to grow. In recent months, APF tapped a team from the real estate services firm Cushman & Wakefield led by David Rosenbloom, an executive vice president at C&W, to handle leasing its four-building Manhattan portfolio.
At 28 West 44th Street, Aschendorf said that the company plans to do almost $18 million of capital improvements.
“We’re going to be redoing the lobby, entrances, elevators, corridors, bathrooms, and windows,” Aschendorf said. “We want to bring it up to a higher level. The location is excellent and the rental market has gotten much stronger. This building, given its location and size, warrants the investment.”