601 West 50th Street, a 127,000 square-foot building on the far west side of Manhattan, was APF Properties’ first acquisition in 1995. Given its location, significant discount to replacement cost and a total acquisition cost of just above $4 million, or $33 per square foot, APF recognized the intrinsic value in this Class C building that at the time was partially utilized as storage for food carts. Upon closing, the company began a concerted effort to create a space for a single large user in this up-and-coming neighborhood. Within three years, APF relocated or bought out all existing tenants and leased the entire building to fashion icon Kenneth Cole for its worldwide headquarters location. Returns were amplified when the tenant leased the space with minimal capital improvements and completed a full renovation to meet its own specifications. In 2004 Kenneth Cole acquired the building for $24 million.