Paul Bubnyis editor of RealEstate New York.

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NEW YORK CITY-A multimillion-dollar capital improvement programis under way for 64 W. 48th St., a 17-story, 130,000-sf officebuilding Muss Development LLC has acquired. The developer boughtthe Rockefeller Center-area property for $54.5 million from WesternManagement, which paid $34 million for it two years ago.

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Muss plans to reposition 64 W. 48th, currently used primarily asa jewelry showroom, into a boutique office building. Along withrestoring the lobby, the capital program will provide new elevatorcabs and common areas, new windows, upgraded facade and roof, newHVAC systems, electrical system upgrades, new bathrooms, upgradedsecurity systems and keycard access.

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GlobeSt.com has learned that for Muss, the property wasattractive because of its "great location," appeal to a wide arrayof prospective tenants and potential for repositioning as a class Afacility. "We will be able to offer leases at a fraction of thecost of nearby alternatives yet still provide the kind of spacethat a first class tenant demands and requires," says Jason Muss, aprincipal of Muss Development. "This building also fits nicelywithin our commercial portfolio, which totals over four million sfthroughout New York City."

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The property will offer full floors ranging from 6,000 sf to9,000 sf. A total of 25,000 sf will become available in the nextseveral months and will include full floors. Cushman &Wakefield's Mark Lauzon is the exclusive leasing agent for theoffice space in the building. Jedd Nero of CB Richard Ellis willrepresent the 17,000 sf of retail on the first and below-gradelevels.

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Built in 1926, 64 W. 48th features 83 feet of frontage on West48th Street between Fifth and Sixth avenues. Muss Development saysthe property is convenient to both Penn Station and Grand CentralTerminal as well as Bryant Park and Rockefeller Center. It's alsojust a few yards from a subway stop used by the B,D, F and Vtrains.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.