NEW YORK CITY-The more than 1 million-sf office tower-Four New York Plaza-has reopened way ahead of schedule.
The building that suffered significant damage from Hurricane Sandy has reopened, according to Edge Fund Advisors CEO Mark Keller, who told the New York Post that the building was opening yesterday.
The property at Water and Broad streets is home to the New York Daily News, as well as offices of American Media and JP Morgan Chase. The Daily News has been working out of temporary offices in New Jersey and a few other locations. Keller told the newspaper that building restoration and improvements from the storm will cost more than $50 million.
Keller credited a CBRE crisis-management team with devising temporary means to restore power and vital services to the building while permanent, storm-proof measures are scheduled to be in place by October. Edge Fund bought 4 New York Plaza in partnership with an HSBC fund last year for $270 million. See story in the New York Post.