APF Properties announced that 1156 Avenue of the Americas, the 1911-vintage 84,000 s/f office loft building unique among its skyscraper neighbors on Sixth Avenue’s “Corporate Row,” is undergoing a comprehensive modernization.
The makeover will include a new lobby, new elevators, and improved common areas for tenants seeking modern space and a pre-war aesthetic.
APF Properties plans a $4 million investment to reposition the building, aiming to attract tenants desiring the convenience of its prime location at the corner of 45th Street combined with the property’s distinctive design, featuring exposed brick and steel beams, polished concrete floors, high ceilings, large operable windows and other pre-war touches.
The announcement was made by Kenneth Aschendorf, principal of APF Properties, a company that has built a substantial presence in the Class ‘B’ midtown office market and enjoys an outstanding reputation with both the tenant and brokerage community.
APF Properties is known for its skills in revitalizing older, Class B office properties and turning them into ‘Best in Class’ properties that are relevant and attractive to tenants seeking a well-located home for their companies.
The modernization program for 1156 Avenue of the Americas is intended to comprehensively update the building – originally constructed in 1911 and last renovated in 1998.
“1156 Avenue of the Americas was always viewed as a well-priced alternative to the Corporate Row skyscrapers that surround it, offering attractive office space with an avenue address at a fraction of the price of our neighbors,” said Aschendorf.
“Now, as times and tenant demands have changed, our intention is to offer the most striking option to progressive thinking tenants seeking full floor identity below 10,000 s/f at competitive rents.”
The most impressive new addition to the building will be a new 16-foot double height entryway and expanded lobby along with new elevator cabs and new corridors.
By recapturing a part of the second floor, APF Properties has been able to replace the previously small and unimpressive lobby.
The design by Sydness Architects calls for opening up the lobby to the outside using abundant glass and materials that will complement the exposed steel beams and brick found throughout the building that had been long ago hidden behind dropped ceilings and sheetrock.
APF Properties will be installing new state of the art security systems, pursuing ‘Wired NYC’ high level certification for ultimate and redundant connectivity, and continuing their Energy Star Certification through other building infrastructure improvements.
Tenants at 1156 Avenue of the Americas will have access to APF Properties’ ground level Bicycle Storage Room and Conference Center located half a block away.
In tandem with the capital improvement plan, APF Properties will kick off a new leasing campaign to fill the limited vacancies in the building. David Rosenbloom of Cushman & Wakefield will lead the leasing efforts.
“As a smaller, prewar property in the heart of Corporate Row, 1156 Avenue of the Americas has sometimes been overlooked – but we plan to change that,” Aschendorf said.
“We believe we have a tremendous opportunity to modernize a unique building to appeal to today’s tenants. Whole Foods will soon be opening at 42nd and Sixth, and the building’s proximity to Bryant Park is also a major benefit.”
APF Properties also plans to pursue LEED certification for 1156 Avenue of the Americas, part of a common theme throughout the company’s $900 million portfolio of commercial office buildings in New York and Philadelphia.
The firm recently achieved LEED-EB Gold Certification for the Club Row Building at 28 West 44th Street located around the corner from 1156 Avenue of the Americas and previously was awarded the first LEED EB Building certification in Philadelphia.
APF has also succeeded in cutting water use by nearly 50 percent at another of its New York City office buildings, the 132,000 s/f tower at 286 Madison Avenue, and plans to apply their experience to achieve additional water conservation at 1156 Avenue of the Americas.