Duncan of George Comfort & Sons speaks to Metropolitan New York Chapter of the Appraisal Institute chapter

At a recent luncheon hosted by the Metropolitan New York Chapter of the Appraisal Institute, Peter Duncan, president & CEO, George Comfort & Sons, addressed a large audience of appraisers and other real estate professionals about his firm's acquisition of Worldwide Plaza. The 1.8 million s/f, class A, 47-floor office tower was one of the biggest deals of 2009 and, according to Duncan, a 14-month effort. After outlining the attributes of the building, including high window to floor ratios, significant views, a footprint that cover an entire city block from 8th to 9th Aves. and 49th-50th Sts., a health club, theaters and retail space, Duncan acknowledged his firm's challenge in leasing 700,000 s/f of vacant space in a tough market. With Worldwide Plaza currently undergoing a capital improvements program including bathroom renovations, elevators, replacing DX units and realigning electric, as well as seeking Energy Star and LEED certification, Duncan is optimistic the firm will be making announcements about lease-up shortly.