Tavros
13west27th

REPOSITIONING:
MADISON SQUARE PORTFOLIO

http://madisonsquareportfolio.com/

Located in the heart of the booming Midtown South office submarket and at the nexus of Downtown Manhattan’s most desirable neighborhoods, Chelsea, the Flatiron District, and Madison Square Park, the Madison Square Portfolio consists of four previously vacant mixed-use office/retail buildings that had long been in need of significant capital improvements:

  • 19 West 24th Street
  • 119-125 West 24th Street
  • 13-15 West 27th Street
  • 45 West 27th Street

In aggregate, these assets comprise approximately 320,000 RSF of loft office space and 20,000 RSF of ground floor retail with a combined 250 feet of frontage. All four properties have 10’-12’ foot high ceilings on every floor, which provides ample light and air throughout the buildings. The typical office floorplate is approximately 5,000 square feet for each building, except 119-125 West 24th Street that boasts an ample 12,000 square foot floorplate.  These configurations are ideally suited for the targeted media and tech-oriented tenant demographic that dominates the leasing activity in this submarket.

A PLANNED $38.0MM STRATEGIC CAPITAL IMPROVEMENT PROGRAM HAS INCLUDED:

  • Renovated lobbies, bathrooms, windows (where required), electric, plumbing, and telecom risers
  • Conversion or replacement of oil burning furnaces to dual oil/gas burning systems along with all new perimeter heating systems
  • New modern HVAC mechanical equipment
  • Modernization of existing elevators
  • The Properties are steps from the N, R, F, M, 1, and 6 subway lines and the PATH, providing easy access to and from anywhere in New York City

Tavros partnered with the Kaufman Organization, Principal Life and Pan Brothers Associates to acquire the portfolio, as a long-term 99-Year ground lease, in April 2014.

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