At its current valuation, the investor equity in this asset has more than quadrupled.
APF Properties acquired this prized property in 2006 at a substantial discount compared to similar transactions, after several interested bidders backed away from this transaction. Capitalizing on the property’s world-renowned location in the Plaza District submarket, APF Properties redeveloped the retail space, including a complete renovation of the double-height glass storefront, and reinstated the property’s former moniker – The New York Gallery Building.
This significant repositioning enabled an increase of the retail footprint from three small stores with combined 3,282 SF to a double floor retail space with dramatic glass façade and a glass enclosed elevator with 12,282 SF of prime retail space.
Today, the property boasts a diverse tenancy, 98% occupancy, and NOI has increased from $2.2 million in 2007 to over $5 million.