SL Green and Durst Organization Manhattan Buildings Part of $2 Billion Upgrade
SL Green and Vornado’s 280 Park Avenue are among a number of Manhattan office towers set to get an upgrade. Eleven Manhattan office buildings are included in the project, according to a report in The New York Post.
$150 million was spent on 280 Park Avenue alone. The tower has a new facade, a new lobby, and is up to 95% occupancy since its upgrade.
The Durst Organization‘s 450 W. 33rd St. had $200 million spent on a face-lift and was renamed 5 Manhattan West.
Douglas Durst said, “In the past, it was not uncommon to upgrade a lobby. But this is a relatively new phenomenon where buildings that are not that old are being completely rebuilt.”
Other upgrades include $65 million spent on Fisher Brothers’ 1345 Sixth Ave, $65 million on Jack Resnick & Sons’ 315 Hudson Square, $60 million on William Kaufman’s 437 Madison Ave., and $30 million on SL Green’s 10 E. 53rd St.
“It’s what makes Manhattan different from other markets, ” Steven Durels, SL Green’s executive vice president of office leasing told the Post. “Elsewhere, they just build another tower a block over.”