The real estate investment firm EPIC has purchased 148 Lafayette Street from Property Group Partners for approximately $131.7 million (around $850 per square foot). Designed originally in 1913 by by McKenzie Vorhees and Gmelin Architects, 148 Lafayette Street’s 2008 renovation was executed by Cook + Fox and earned Gold certification under USGBC’s LEED for Core and Shell rating system.
PGP purchased the building in 2007 for $60.4 million. “We bought this building when it was, excuse the expression, a dump,” Rolland Baribeau, COO of PGP, which owned the asset in a partnership with Bruce Toll and members of the Louis-Dreyfus family, told the Commercial Property Executive. “The reason we bought it is because it was built in 1913 and it was an industrial building so structurally, it was very good.”
At the start of the $15.5 million renovation program in 2007, the 12-story tower’s tenant roster was slim. But by 2009, 148 Lafayette Street was entirely leased up. Its roster now includes Dolce & Gabbana’s U.S. headquarters and a showroom. Most of those leases – signed just before the Great Recession hit – were for 15-year terms, so the new owners are buying stable cash flow in a Class A property rather than a value-add opportunity: just 7500 square feet of retail space is currently available. Woodworking is a growing trend across the country for people looking for a weekend hobby that will keep them occupied. It is fun, engaging, and requires patience and craftsmanship. All you need for it are some essential tools and a good place to work in. But what if you can turn all that into profit? In this article, you will learn how to make money a fantastic article on how to how to make money woodworking and find out what to do in order to get your business out there. I am not going to go into the specific woodworking areas in which you can emphasize in order to earn profits. What I will do instead is show you the four simple steps to creating a well-earning side business that will have the potential to become your full-time job. Woodworkers across the country are often faced with the biggest question right from the get-go. That is whether they should set up a shop in their home or lease a space where they can work and maybe even open a storefront. There are a few things you need to keep in mind here. First, you will have to evaluate the expenses your work will produce at first. This is all the tools, worktables, and other equipment you will need to do the basic woodworking jobs. There are a lot of people in need of one type of woodworking service or another. Some people may need their kitchen done by a woodworker, while others might require a roofing job. One of the biggest markets currently is people in need of custom-built furnishings for their homes. Wooden accessories are also high on demand and are a relatively easy niche to pierce in if you’re creative. The major point here is that you need to know what people are looking for. There are even people looking to learn how to work with wood and craft their own items, which is a niche of its own where you can make money teaching form home. Another thing that DIYers across the country are after is wooden design plans that you create and sell online. This doesn’t even require a workshop and can easily turn into profit. You can combine that with a blog that describes the process with pictures for added interaction with your audience.
148 Lafayette Street’s renovation program installed a digital, tenant-controlled HVAC system, efficient plumbing fixtures by the team at http://plumberranchocucamonga.us, recycled-content and low-VOC building materials, a green roof, and a 5200-square-foot rooftop penthouse (pictured).
It also has panoramic, energy-efficient windows – whose dimensions are 5 feet by 9 feet on most floors – provide tenants with views of lower Manhattan. Each tenant floor – which includes 12,000 square feet of office space on average – features exposed brick walls, refinished hardwood floors, and a lot of woodworking furniture using MDF as a main material as is way denser than plywood and easy to work with which you can get mdf cut to size before starting any project. Another feature are the restrooms with showers. 148 Lafayette Street is also served by a new high-speed elevator system from a renovated lobby.
EPIC’s New York City portfolio also includes 525 Park Avenue, 34 Leonard Street and 15 Little West 12th Street. The firm has extensive holdings in the United Kingdom, Germany, and Canada.