A major comeback at 501 Seventh Avenue.Despite a bleak leasing market for commercial real estate across the city last year, 501 Seventh Avenue landed its largest deal ever, and also welcomed a non-profit corporation with ties to several well-known business and community leaders. In 2003, the building signed almost 263,000 square feet in new leases and renewals. The new deals, and a brisk renewal rate, helped boost the occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) from approximately 41 percent at the beginning of 2003 to more than 90 percent by year's end. New leases totaling more than 225,000 s/f for the year included the lease signed by apparel maker Warnaco Group The Warnaco Group, Inc. is an American fashion corporation. It is based out of New York City. The company had annual revenues in 2004 of over $1.4 billion USD. The company owns several brands, such as: Warner's, Olga, Lejaby, Rasurel, part of Calvin Klein, Catalina, Speedo, and Inc., which took just under 180,000 s/f on floors 10 through 15 for offices and showrooms. The space now houses separate facilities for all of its major brands, which include Calvin Klein and Chaps. The year's other major lease went to Local Initiatives Support Corp., which took 50,000 s/f for 16 years. LISC LISC Local Initiatives Support Corporation (New York, NY) LISC Little Illini Soccer Club (Champaign-Urbana, Illinois) LISC Long Island Subaru Club LISC Laboratory for Intelligent Systems and Controls is a charitable organization that provides loans, grants and equity investment to community development corporations across the country. The funds are used in various neighborhood redevelopment programs. Its directors include Citigroup Vice Chairman Robert Rubin and National Football League Commissioner Paul Tagliabue. Located at 37th Street, 501 Seventh Avenue is a 460,000 s/f property in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a $50 million capital improvement program, including new windows, new heating and air conditioning systems, upgrades to the electrical and other building systems, renovations to the lobby, elevators, public corridors and bathrooms. These will transform the property into a modern building with Class-A amenities and technological capabilities, catering to a mixture of traditional garment tenants and office users. The building offers convenient access to a variety of subway lines, including the A, C, E, N, R, Q, W, 1, 2, 3 and 9 lines. Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , the Long Island Railroad and New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major are also accessible at nearby Penn Station. The building is owned by 501 Seventh Avenue Associates LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a partnership led by Peter L. Malkin and Leona Helmsley. |
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