The New York Public Library has grand plans for a $300 million renovation by Norman Foster, but it was the institute's more modest makeover?a $50 million facade restoration complete in 2011?that inspired its neighbor to do the same. The Journal reports that the Abramson Brothers will embark on a $10 million project that will upgrade and restore their landmark building at 501 Fifth Avenue. Originally built in 1916 for the Astor Trust Company, the 22-story building was designed to echo the Beaux Arts details of the library building.
Architecture firm Bohlin Cywinski Jackson will complete the year-long project, which will restore the facade detail and "clean every stone from top to bottom." The windows will be replaced as well, and the 800-square-foot lobby will be reimagined to widen the space and highlight the sculpted bronze elevator doors. Dated moldings and finishes will also be removed. The building is currently at 96 percent occupancy, with the spaces renting between low-$40s to low-$50s/square foot. Company president Alan B. Abramson would not reveal what rents would be post-renovation, but he did say "there's a palpable financial motivation here."
· Landmark Building Owner Trusts in Astor Site [WSJ]
· Bohlin Cywinski Jackson [official]
Photo of 501 Fifth Avenue via Property Shark