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CASE STUDY

Reinvigorating 648 Broadway.

648 Broadway, a 10-story, 50,000 SF building
had been owner-managed for over 25 years.

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NEWS

Sierra Real Estate Partners
With National Brokerage
Lee & Associates

Ready to Give Biggest New York Firms
a Run for Their Money

Crain’s New York Business 11/01/11
“
Personalized service is what sets Sierra apart for us. They’re always available, take the time to listen, and give us what we need.
”
Domingo Arroyo
Former Director of
Corporate Real Estate Services,
St. Vincent’s Catholic
Medical Centers

CASE STUDY: Reinvigorating 648 broadway

Overview

648 Broadway, a 10-story, 50,000 SF building had been owner-managed for over 25 years.


CASE STUDY: Reinvigorating 648 broadway

The Problems

When Sierra Real Estate assumed management of 648 Broadway in September 2009, there were significant rent arrears, a vacancy rate in excess of 15 percent, as well as a building-wide improvement program that lagged a year behind schedule and was substantially over budget.


CASE STUDY: Reinvigorating 648 broadway

The Solution

Sierra improved rent collection procedures and arranged for the building improvements to be completed at a reduced cost.


CASE STUDY: Reinvigorating 648 broadway

The Results

Eighteen months after assuming management, the building has near-full occupancy, significantly increased rent rates and revenue, effective collection procedures and more than $1 million in savings from adjustments in the building improvement programs.


CASE STUDY: Reinvigorating 648 broadway

Today

We’ve just begun a complete renovation of the lobby, elevators and public corridors designed by tenant architectural firm Architecture Outfit.