NEW YORK CITY-Herald Square’s 1333 Broadway is set to receive $50 million in renovations. The revamping of the 354,000-sf building, which is owned by 1333 Broadway Associates LLC, is slated to start this June. W&H Properties is overseeing the renovation project.

Brian Waterman, EVP for Newmark Knight Frank, which manages and leases the property, says renovations will include new restrooms, windows and elevators. The lobby and roof will be replaced, and upgrades will be made to the electrical, plumbing, HVAC and security systems.

Current plans also call for a private entrance and elevator for a tenant to create more private space in the building, according to Waterman. “We’re very excited to bring this unusual leasing opportunity to market when large available spaces are becoming hard to find, especially in a building about to benefit from such a massive amount of capital improvements.”

Additionally, the 12-story building will undergo space consolidation, making each floor 30,000 sf. Current floors measure about 28,700 sf. “Suites on three floors are being converted into full-floor blocks, and these eventually will become part of a five-floor block of more than 150,000 sf.”

1333 Broadway was originally built in 1915. The asking rents in the building average $54 per sf and according to W&H Properties’ website the building currently has four vacant floors.

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