{"id":1004203809,"date":"2018-01-16T06:14:26","date_gmt":"2018-01-16T14:14:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004203809"},"modified":"2021-05-15T00:26:59","modified_gmt":"2021-05-15T08:26:59","slug":"intercontinental-re-enters-nyc-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/intercontinental-re-enters-nyc-market\/","title":{"rendered":"Intercontinental RE Enters NYC Market"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004203821\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004203821\" data-attachment-id=\"1004203821\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/intercontinental-re-enters-nyc-market\/capture-139\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png\" data-orig-size=\"951,713\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"30-32 Howard St., New York City\" data-image-description=\"&lt;p&gt;30-32 Howard St., New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;30-32 Howard St., New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png?w=951\" loading=\"lazy\" class=\"wp-image-1004203821 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png\" alt=\"30-32 Howard St., New York City\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png 951w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Capture.png?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004203821\" class=\"wp-caption-text\">30-32 Howard St., New York City<\/p><\/div>\n<p>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\u2019s SoHo neighborhood. The seller was an entity affiliated with Gregg Monsees, owner of Putnam Rolling Ladder Co.<\/p>\n<p>The five-story assets are situated at 30 and 32 Howard St., surrounded\u00a0by luxury retailers Roman and Williams Guild, Agn\u00e8s 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.<\/p>\n<h2>Form meets function<\/h2>\n<p>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,\u00a0smaller pre-built offices on the second through fourth floors, and a duplex office penthouse with outdoor terrace on the fifth and sixth floors.\u00a0Individual floor plates will\u00a0total 7,200 square feet and 170 feet of wraparound window frontage.<\/p>\n<p>Spector Group will design the floor plans, while HBA Architecture &amp; Interior Design will deliver the interior plans, which will feature elements common\u00a0of luxury hotels and residential condominiums.\u00a0Units 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 fa\u00e7ade, as well as 2,000 square feet of lower-level retail.<\/p>\n<p>\u201c<em>We are thrilled to break into the Manhattan\/New York City real estate market with this acquisition,<\/em>\u201d Intercontinental Real Estate Corp. Chairman &amp; CEO Peter Palandjian said in a prepared statement. \u201c<em>It is a construction and development opportunity that combines beautiful history and trendy innovation with an opportunity to create union labor jobs.<\/em>\u201d<\/p>\n<p>Just last year, K Property Group acquired the historic Sunshine Theater in Manhattan, which\u00a0will be transformed into a <a href=\"https:\/\/www.commercialsearch.com\/news\/jv-to-redevelop-historic-sunshine-theatre-in-nyc\/\">mixed-use building<\/a>.<\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm teamed up with a local investor for the acquisition and redevelopment of two office buildings in SoHo, which will result in 42,000 square feet of premier office space and a 4,500-square-foot, two-floor retail portion. <\/p>\n","protected":false},"author":241,"featured_media":1004203821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[32962,36743,35056],"class_list":["post-1004203809","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-intercontinental-real-estate-corporation","tag-k-property-group","tag-spector-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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