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Deals & Dealmakers

Make-over for fashion building

234 W 39th Street
234 W 39th Street

Office and showroom building 234 West 39th Street is about to undergo significant exterior renovations and interior upgrades as part of a program being implemented by the building’s new ownership, Herald Square Properties, and The Davis Companies.

Acquired last January in an off-market transaction, the 10-story, 94,000 s/f commercial property, between Seventh and Eighth Avenues, has long been a fashion industry favorite due to its central location, generously-sized floorplates, estimated at 9,000 s/f.

“Our intention from the very beginning was to maintain this property’s traditional tenant-base, but with better services in a more attractive and up-to-date environment,” said Jon Schneidman, partner, Herald Square Properties.

“We see this as a value-driven, mid-block alternative for fashion design and manufacturing businesses as avenue office space becomes increasingly scarce and expensive.”
Currently, the building is nearly 90 percent leased, with one full-floor vacancy that is being renovated and several other leases up for renewal.

The building’s leasing team is made up of CBRE’s Paul Amrich, vice vhairman; Neil King, vice president; and Lindsay Godard, associate broker.
Amrich said “Too many landlords are avoiding the tenant base that made this area a vital part of the New York economy and culture.

“The new owners are encouraging fashion industry businesses here by updating everything from the entryway to the common areas and even the original staircases, providing both a contemporary and traditional aesthetic.”
In addition to the CBRE leasing team, CBRE is the management agent.

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