423 West 55th to be revamped by new owners.

An unassuming 12-story building on the Upper West Side is about to get a new lease on life, as the Winter Organization takes over the duties of ownership. The company, which net-leased 432 W. 55th St. from a group of investors located throughout the country, plans to upgrade both the appearance and the infrastructure of the building in the hopes of renting it out to high-profile tenants.

"The building is located between Ninth and Tenth Avenues and it has floor plates of almost 25,000 SF. If you survey that part of town, it's difficult to find a building with floor plates that big," said David Falk, executive vice president of Newmark & Company Real Estate, which has been contracted as the leasing agent for the property. "The Winter Organization saw this as an opportunity to put in a new facade, new windows, new tenants. The building fits a very nice niche."

432 W. 55th St. is a 300,000-SF commercial loft building, with a mix of office and industrial tenants. But its heavy floor load capacity and its location near AOL Time Warner Center make it an attractive project for improvement.

"The building is located in a dynamic, emerging area and we are very happy about the new acquisition," said Benjamin J. Winter, of the Winter Organization. "Both Newmark and the Winter Organization are already active in the area and I think our experience will enable us to attract top tier tenants to this newly renovated building."

According to Falk, the top three floors of the building will be upgraded first, complete with a separate entrance to attract large users. The rest of the building should be ready by the beginning of next year and Newmark hopes to rent it out at more than $20 per SF. Right now, tenants such as Viacom Inc. occupy the building at about half the price.

"The renovation is going to change the entire look and feel of the property," Falk said. "We are looking to find tenants in the media business, in production, in communications."

Michael Gottlieb, executive managing director of Grubb & Ellis, who represented 423 West 55th St., LLC in the net lease, said the transaction gave the owners an opportunity to improve their asset without the extra expanse.

"The owners recognized that the neighborhood is improving and they wanted a solution that would allow them to upgrade the building, while increasing their income streams and improving their tax situation," he said. "By agreeing to the net lease -- which has options that can extend it up to 99 years -- the Winter Organization has agreed to carry out renovations that will upgrade 423 W. 55th St. This transaction is a win-win for both principals."