122 West 17th Street
New York, New York

<Back

This long-term institutional owner of this circa 1901 former school building in the historic Chelsea section of Manhattan wanted to renovate their property. Their goal was to improve the potential rent obtainable from a new lease on the building. Much work needed to be done, as few improvements had been made to the facility over the years. At the same time, the owner had a tight budget.

We assisted the owner in developing a restoration program that was spread over several years. This plan helped address their budgetary constraints. We also helped develop a renovation budget, prioritized the work, helped the owner select various subcontractors, and managed the construction process as work was undertaken.

At the end of three years, the building's facade was re-pointed, and all new windows and a new roof had been installed. Plumbing, heating and electrical system improvements were also made, which included the installation of a new gas and oil fired boiler. An asbestos abatement program was completed. Improvements were also made to the building's office and classroom spaces.

By carefully prioritizing, and managing the renovation process, this work was financed solely through the use of the existing positive cash flow generated from the building. At the same time, the work was completed without disturbing the operations of the existing tenant.