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NEW YORK CITY-Skyline Developers LLC, the Manhattan-based affiliate of privately held Garden Homes Development, is nearing completion of a multimillion dollar program of capital improvements at 1040 Avenue of the Americas, a 24-story, 256,000-sf office building here in Midtown. Skyline Developers tells GlobeSt.com that the cost of the improvements–which are scheduled to be complete at the end of the quarter–is in excess of $15 million.

As GlobeSt.com previously reported, Skyline Developers purchased the building in a package with 1050 and 1052 Avenue of the Americas for $170 million last July. At the time, Orin Wilf, Skyline’s president, told GlobeSt.com that the plans were not yet set “for the future of these buildings.”

Wilf says in a prepared statement that major improvements in this office tower “will result in full and half floors of desirable high-end prebuilt suites that will appeal to potential tenants including those in the financial and legal sectors.” The 24-hour attended lobby has been enhanced with new decorative fabric panels and a Wall Street Journal video wall. Improvements will also include new elevator cabs and upgraded building systems throughout.

In addition, a complete gut renovation of the 9th, 10th and 11th floors is underway. The floors will be offered as pre-built office suites ranging from 3,500 sf to 12,000 sf and will feature glass walled conference rooms, tenant-controlled HVAC, full-height paneled wood doors, quality hardware, high-end lighting, fully operable windows and pantries with stainless appliances. Space can be leased individually or combined. The Skyline source tells GlobeSt.com that current tenants should not incur any interruptions during the renovation process.

Situated on the Northeast corner of 39th Street and Avenue of the Americas, 1040 boasts convenient access to Grand Central, Pennsylvania Station, Port Authority, and 15 subway lines. Newmark Knight Frank is the leasing agent for the building. According to MrOfficeSpace.com, asking rent—according to March numbers—ranges from $55 to $58 per sf, however Skyline sources tell GlobeSt.com that currently, asking rents are in the low $60s per sf, but after the renovations, they will be in the mid- to upper-$70s per sf. The source also notes that the building is currently 90% occupied, however “some leases will be rolling over soon.”

Skyline Developers also recently completed development of the Peter Marino designed residential condominium at 170 E. End Ave. and the conversion of 37 Wall St. into a luxury rental that houses Tiffany & Co. at its base.

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