Intercontinental RE Enters NYC Market
- Jan 16, 2018
A K Property Group and Intercontinental Real Estate Corp. joint venture has acquired a pair of office buildings located in a historic location in Manhattan’s SoHo neighborhood. The seller was an entity affiliated with Gregg Monsees, owner of Putnam Rolling Ladder Co.
The five-story assets are situated at 30 and 32 Howard St., surrounded by luxury retailers Roman and Williams Guild, Agnès B and Opening Ceremony, the 11 Howard Street Hotel, restaurants, cafes, banks and landmarks. The pedestrian-friendly property is also located minutes away from three subways lines and multiple bus stations.
Form meets function
The new owners will embark on a redevelopment program at the properties, which will include a gut renovation to combine the buildings, in addition to rear and roof extensions. Upon completion, the property will feature some 42,000 square feet of luxury, full-floor space on the first story, smaller pre-built offices on the second through fourth floors, and a duplex office penthouse with outdoor terrace on the fifth and sixth floors. Individual floor plates will total 7,200 square feet and 170 feet of wraparound window frontage.
Spector Group will design the floor plans, while HBA Architecture & Interior Design will deliver the interior plans, which will feature elements common of luxury hotels and residential condominiums. Units will range between 3,800 and 7,200 square feet, with the possibility of creating a building-within-a-building, three-floor penthouse. Additionally, 32 Howard St. will feature 2,500 square feet of ground-level, column-free retail space with 16-foot ceiling heights and a new 25-foot wide retail façade, as well as 2,000 square feet of lower-level retail.
“We are thrilled to break into the Manhattan/New York City real estate market with this acquisition,” Intercontinental Real Estate Corp. Chairman & CEO Peter Palandjian said in a prepared statement. “It is a construction and development opportunity that combines beautiful history and trendy innovation with an opportunity to create union labor jobs.”
Just last year, K Property Group acquired the historic Sunshine Theater in Manhattan, which will be transformed into a mixed-use building.
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