64 West 48th Street
64 West 48th Street | Plaza District | Manhattan NY

Acquired in 2008 with the goal of repositioning the property as a first-class boutique office building, 64 West 48th Street has undergone a multimillion-dollar capital improvement program. Located between Fifth and Sixth Avenues in Mahattan’s Diamond District, and just off the heavily trafficked Rockefeller Center, this prime Midtown property now features a beautifully restored lobby, new elevator cabs, common areas and windows, an upgraded exterior and roof, HVAC system and electrical system upgrades, new restrooms, and upgraded security systems and keycard access.

Exclusive shops, department stores and restaurants are a stone’s throw away, including an indoor mall beneath Rockefeller Center. Grand Central Terminal is within easy walking distance, as are the B, D, F, M, N & R subway trains.

64 West 48th Street is home to the new upscale Japanese restaurant Tsuru Ton Tan as well as The Elgin Bar. 

MUSS VALUE ADD

Transformation of infrastructure, lobby and elevator cabs in the building, addition of several new floors of a diverse group of tenants, renovation, marketing and leasing.

PROPERTY OVERVIEW

This prime Midtown property is located between Fifth and Sixth Avenues, in Manhattan’s historic Diamond District and just off the heavily trafficked Rockefeller Center. Numerous corporations are headquartered in the area, which is also a major tourist destination. Exclusive shops, department stores and restaurants are a stone’s throw away, including the indoor mall beneath Rockefeller Center. Grand Central Terminal is within easy walking distance, as are the B, D, F, M, N & R subway trains.

INVESTMENT STRATEGY

During the past decade, Manhattan’s commercial real estate industry experienced a large shift as companies migrated from Downtown Manhattan to Midtown. When an underutilized building became available in this prime neighborhood, Muss seized the opportunity to acquire the property, make key enhancements and add value.

The full floor total turnover from light manufacturing required a multimillion-dollar capital improvement program. Major improvements include a beautifully restored lobby, new elevator cabs, common areas and windows, an upgraded exterior and roof, and HVAC and electrical system upgrades.

Marketing played a significant role in repositioning the property as a first-class boutique office building. To highlight its prime location and give it a “destination” address that would appeal to a high-end tenant, it was renamed “Sixth & Rock.”

Because converting the building from light manufacturing offices to full floor office tenants was planned in phases, vacancies have been kept to a minimum. New office tenants consist of advertising agencies, document management firms and accountants. The ground floor has most recently become a prime culinary destination, with the opening the new upscale Japanese restaurant Tsuru Ton Tan and The Elgin bar.

  • Property Type: office/retail
  • Floors: 17
  • Total SF: 130,000
  • Floor SF: 4,000-9,200
  • Built: 1925
  • Major Tenants
  • Xerox
  • On Press Graphics
  • The Elgin
  • Tsuru Ton Tan