Getting in on the Ground Floor

By McIntyre, Charles | Journal of Property Management, May/June 1998 | Go to article overview

Getting in on the Ground Floor


McIntyre, Charles, Journal of Property Management


Although many small, older office buildings have struggling in the 1990s, sound structural and new mechanical systems coupled with a prime location at the head of Madison Square Park allowed the Madison Square Building to remain a viable B building in midtown Manhattan. The building was 50 percent occupied, but a dark, narrow lobby and ground-floor showroom space that had stood vacant for a decade undermined the marketability of the 330,000 square foot historic building.

To enhance the leasability of the building, especially to the giftware and decorating companies that congregate in the area, Schroder undertook an extensive renovation that included new HVAC systems, new elevators, and a complete remodeling of the lobby floor.

The lobby remodeling, which accounted for approximately $ I million of the total renovation budget, was a key component of the overall plan. Situated in the middle of a block, the entrance was further obscured by an asymmetrical lobby entrance.

"Schroder wanted to develop an identity for the building, and opening up the lobby and adding awnings helped create a street presence," says Joe Costabile, executive director for Cushman & Wakefield, managing and leasing agents for Madison Square Building. Changing the building's name to tie in with the adjacent park also aided recognition.

The size of the entrance lobby was doubled and the main doorway was moved to the center of the building. Lobby finishes were replaced with granite flooring and rare wood veneers. Windows were added to draw in natural light and provide views of the park. Taking advantage of a 19-foot clearance, a vaulted ceiling and indirect lighting were installed.

An arcade was constructed to join the north and south entrances of the building, running between 26th and 27th Streets. The north entrance was closer to the Lexington Avenue subway station at 28th Street, so improving the access made it easier for tenants and showroom visitors to get into the building. Initially, the renovation plan called for adding a leasable mezzanine area, but costs of $110 per square foot proved prohibitive.

If the new lobby added tremendously to the buildings leasability, other portions of the renovation provided new sources of income.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Getting in on the Ground Floor
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.