News: Brokerage

MKDA to renovate common areas Bloomingdale Properties' 1385 Broadway

MKDA has been tapped by Bloomingdale Properties to assist in repositioning 1385 Broadway, an asset in the growing Times Sq. South office market. The design firm is creating a new entrance and lobby, and will upgrade the building's elevator cabs, tenant corridors and restrooms. The project cost is undisclosed. "Located at West 38th St. Bloomingdale Properties is modernizing its asset in order to benefit the building's existing and new tenants," said MKDA president Michael Kleinberg. "The fact that we have leased over 150,000 s/f of office space in a few short months is a testament to the quality of the building and the ownership. In addition, the building will be undergoing a major capital improvement program designed by MKDA," said Cushman & Wakefield executive VP Jonathan Serko, who is exclusively marketing the building along with Cushman & Wakefield executive VP Gary Greenspan. MKDA is updating the entrance with new glass and stainless steel revolving doors that enhance the building's dark granite façade and allow the interior lobby to glow to the exterior of the building. The design firm is using Jet Mist granite flooring at the entrance and neutral-toned Courtaud Limestone oversized tiles throughout the remainder of the space, as well as for the base of the concierge desk. The concierge desk is topped with Mayan Sunset marble and sharply angled to create flow throughout the space. Cove lighting adds scallops of accent light down the base of the desk. Large polished Massa Gold marble panels line the lobby walls, while an accent wall features a mosaic of square tiles covered with a thin plate of brushed stainless steel and a large light-emitting translucent polymer panel from SensiTile, which may be programmed to reflect an array of dynamic light patterns. Other light features include warm cove lighting throughout the space and a single backlit panel that runs the length of the lobby. In addition, MKDA is cladding portions of the existing elevator cab doors in stainless steel; the interiors are being outfitted to reflect the limestone, granite and glass patterns of the lobby—all fused in a stainless steel shell.
MORE FROM Brokerage

SABRE coordinates sale of six properties totaling 199,845 s/f

Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman

Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
Strategic pause - by Shallini Mehra and Chirag Doshi

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent