In the pantheon of great New York City squares, Herald Square doesn’t rate very highly. Without the international renown of Times Square or the hip, downtown vibe of Union Square, Herald Square has been relegated to Manhattan’s mid-market chain shopping district.
And while nearby buildings have attracted some of the trendier bargain retailers, like Uniqlo and H&M, Herald Center at 1293 Broadway has had to content itself with Modell’s, Payless Shoes and the New York State DMV. (We’re guessing that Imelda Marcos, who once owned the building with her Philippine strongman husband—through front men Joseph and Ralph Bernstein—wouldn’t have deigned to buy shoes there.)
The Lease Beat
Even if it may be losing Microsoft to the brand new 11 Times Square nearby, 1290 Avenue of the Americas is about to get buffed up itself to appeal to tenants (including those who might be in the market for some 100,000 square feet of space that may soon be sitting vacant). Vornado, the owners of 1290 A of A, have just announced the beginning of construction for a new lobby and plaza renovation that will modernize and improve the appearance of the 43-story building at the street level.
Since investing $161 million to take 28 West 44th Street off SL Green’s hands last summer, landlord APF Properties has wasted little time in making upgrades to the 370,000-square-foot asset.
APF Properties re-named the property “The Club Row Building,” a nod to the blue-blooded Ivy League clubs (Harvard, Yale, Princeton, et al) that inhabit the neighboring Club Row, and pledged $18 million in capital improvements, including the lobby and entrances designed by Moed de Armas & Shannon.