In 2011, APF Properties, in a joint venture with Prudential, acquired 28 West 44th Street for $161 million.
Ownership re-branded the building into the Club Row Building, taking advantage of its premier location and invested over $9 million in major building improvements to create a new lobby, modernize the elevators, replace windows and update corridors and bathrooms. As a result of our upgrades, the building has been converted from a Class B- to a Best in Class B+ building. The Club Row Building has been awarded LEED Gold Certification – one of only four pre-war office buildings to achieve this distinction. After an aggressive leasing campaign, occupancy has increased from 87% in 2011 to 98% in 2014.
At the end of 2014 APF Properties recapitalized this asset at a price of $235 million allowing Prudential to monetize its profit and liquidate its ownership fund. Through this transaction, APF Properties was able to substantially increase its ownership share and replaced its institutional owner with a group of high net worth investors.