Beautiful Commercial Space Renovates with Triad Boilers
Investment Return Expected For A New York City Flatiron District Property
Triad is no stranger to great New York City buildings. A recent application was at 11 West 19th Street. This impressive 11-story commercial office building is one of the most handsome side-street commercial properties in the Chelsea-Flatiron district. Built in 1902 and containing 280,000 square feet, it has an elegant rusticated facade with arched windows on the second, ninth and eleventh floors, three string courses and a robust cornice.
This building was recently acquired via $62.5 million in first mortgage financing and then immediately renovated. When the former owner initially conceived of selling the property it anticipated that the highest price would come from investors wanting to convert it into a residential space. Especially since the property was more than 40% vacant and even more leases were due to expire within the near term.
However, the ultimate buyer recognized that the surrounding commercial office market was strengthening faster than the residential market and planned on upgrading the property and reintroduce it as a higher quality office space.
The building underwent a major renovation, including a new lobby with 20 foot ceilings, new elevators and of course new mechanical equipment. This included four Series 1600Low Pressure steam boilers with Powerflame dual fuel burners firing at 1,600,000 Btu’s with fresh air intake adapters for makeup air.
The modular set up of four boilers will be very efficient for the building – during the shoulder seasons of spring and fall it is expected that a minimal number of boilers, as few as one, will keep the building warm. This is much more cost effective than having to keep one large boiler firing.
With large full floors of 26,000 square feet and entrances on both 19th and 20th Streets, this beautiful building offers convenient access to many restaurants, shops and modes of transportation. The building’s prestigious tenant roster includes Time Warner, Nautica, Epsilon Interactive and Tory Burch.
This purchase, renovation, and upgrade is expected to generate a nice return for the owners, and Triad was pleased to be a part of this.