Gorjian Real Estate has embarked on a multi-million-dollar renovation of the 17-story property located at 192 Lexington Ave., which will reposition the boutique asset to meet the current needs of tenants. The anticipated delivery of the first full-floor pre-build is set for the fall of 2019, in a revamp that will cater to the various groups of both Midtown and Midtown South. Among the current tenants in the building are law firms Roth & Roth, Goldberg & Fliegel and Marian Polovy Law.
Newmark Knight Frank has been selected to market the property on behalf of Gorjian, via a team consisting of President David Falk, Executive Managing Director Eric Cagner, Senior Managing Director Bernard Weitzman and Associate Director Alex Leopold.
The renovation consists of a redesign of the lobby with a double-wide glass entrance and 25-foot-high ceilings. The lobby will be outfitted with contemporary art, highlighted by a large custom mosaic designed in Italy. The first spaces to be made available will consist of full-floor pre-builds ranging from 7,000 to 8,600 square feet. Moreover, Gorjian will construct modern glass-fronted offices, new pantries and new bathrooms in each of the spaces. The existing concrete floors will be refurbished and all columns will be exposed. In addition, Juliet terraces will be introduced on some of the floors, bordered by new glass exterior walls that will replace the old-world parapet walls to increase daylight.
“We are very excited about the opportunity to transform 192 Lexington Avenue into a building that will be extremely competitive with the rest of the of the Midtown South market,” stated Myron Gorjian of Gorjian Real Estate.
Built in 1926, the 140,000-square-foot property comprises 133,214 square feet of Midtown South office space and 6,786 square feet of retail space. It is located at the corner of Lexington Avenue and 32nd Street in proximity to Grand Central and Penn Station. Tenants benefit from a 24/7 security desk and personnel equipped with elevator monitoring, CCTV and communication infrastructure. After-hours access is possible through tenant-secure access cards and intercom for building visitors. In compliance with New York law, the building features sprinkler systems and is equipped with a modified Class E fire alarm system.
The Gorjian family acquired the asset late last year, with a 10-year, $60 million CMBS loan provided by Citibank, first reported by the Commercial Observer. The Gould family, which has owned the property since 1927, is said to have sold it for upward of $90 million.
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