News
515 MADISON’S FACELIFT; JLL TAKES LI
March 9, 2010
| The Gural and Hemmerdinger families’ majority interest purchase of 515 Madison isn’t the only exciting thing happening at the building. In the past year, they, with Rosen Johnson Architects, finished an extensive renovation to lobby to address longstanding maladies, and in turn, have increased tenant interest. |
 |
| Anthony Johnson and Paul Rosen tell us that the building had an entrance corridor with a 35-foot deep setback, confusing people into thinking it was the next-door subway entrance. Its new interior length, now 10 feet from the street, allowed the architects to spread out the lobby congestion; recapturing 20 SF from retail on each side allowed separate alcoves for the reception desk and newsstand. They restored and extended the original coffered ceiling; installed lighting to recall its neo-classic glory; and put in new code-compliant doors. Anthony's extensive experience with the European stone market also helped in matching new Italian and Spanish marble for the lobby. The outdoor wrought-iron canopy was opened up with textured glass, and new bronze signage was installed. |
 |
| What did this renovation do for the 340k-SF building? Newmark Knight Frank's Eric Gural, here with father Jeffrey, tells us that before the renovations began, the building had 100k SF ofvacancy—now it only has 10k. Over the last 11 years, a law firm had rented any of the vacant space, so 515 Madison had been off the radar for potential tenants. They knew it needed a new design, Eric says, noting that Rosen Johnson and general contractor Structure Tone were hired because they had experience in the restoration work needed. Since the renovation, the building has signed new tenants that include Memorial Sloan-Kettering, March of Dimes, and Hamilton Investments. |
