K Property Group and Intercontinental Real Estate Corporation Officially Launch HowardXCrosby.com

JV Team Launches New Address, Website and Renderings for Their Award-Style Designer Pre-Builts

K Property Group (“KPG”) and Intercontinental Real Estate Corporation (“Intercontinental”) have officially launched the renderings and website for HowardXCrosby.com.

The office space section is now called 2 Crosby and the plans for the exclusive property include two private elevators, a new lobby and state-of-the-art telecommunications. When completed, there will be 43,000 rentable square feet of luxury full-floor and smaller pre-built offices on the second, third and fourth floors and a duplex office penthouse with an outdoor terrace on the fifth and sixth floors.

“We are thrilled to offer a game-changing mix of high-end form and function into the Manhattan/New York City real estate market,” says Peter Palandjian, chairman and CEO of Intercontinental. “This construction and development opportunity combines beautiful history and trendy innovation. SoHo is an incredibly exciting submarket and we are especially pleased to work with a superb leasing and marketing team led by our partner KPG.”

“This area has a dynamic that reflects SoHo in the '90s and our award-style design reflects the combination of an upscale modern hotel and creative office,” says Rod Kritsberg, founder and managing principal of KPG. “We are excited to tap into that energy and create a ‘lifestyle’ product to match it. Everything we’ve planned for the building is in line with the look and feel of the neighborhood. We have something special planned for the office interiors and with our top design and construction team, this will be of the highest quality that is a cut above even the posh standards of the location.”

Gregory Kraut, managing partner, KPG, adds, “This is a premium office and retail location in New York’s hippest neighborhood, surrounded by the popular retail destination of Howard Street and the chic cobblestoned charm of Crosby Street. The building truly complements and epitomizes the rapidly changing landscape of lower SoHo.”

Currently, the U.S. headquarters of fashion icon Rick Owens is at 30 Howard Street, whose SoHo flagship is in the corner space. The historic location is surrounded by a host of high-fashion brands, as well as many of Manhattan’s most exclusive downtown lounges, hotels and restaurants. Neighboring businesses include Roman and Williams Guild, Agnès B, Opening Ceremony, Nike Lab, Sleepy Jones, Stadium Goods and the 11 Howard Street Hotel. The property is also close to public transportation, including the number 6, R and W subway lines, making it exceptionally accessible for office and retail businesses.

As part of the development plan, the new ownership will market the space to a variety of potential tenants.

International architecture firm Spector Group will be designing the floor plans with a focus on combining higher form and function. For the interiors, HBA Architecture & Interior Design will create the workspaces with elements that channel high-end hotels or luxury residential condominiums. The available office spaces will range from 3,900 to 7,500 square feet, with the potential to create a building-within-a-building, three-floor penthouse.

There will be 4,500 square feet of fully renovated retail space at 32 Howard Street, forming 2,500 square feet at ground level and 2,000 square feet at the lower level. Besides the ground level, column-free retail space features 16-foot ceiling heights and a new 25-foot full-retail facade.

Each of the upper-level floors, from second to fifth, have 19 windows and high ceilings. When construction is completed, individual floor plates will have 7,500 rentable square feet and 170 feet of wraparound window frontage, considered a rarity in SoHo.

About K Property Group LLC

K Property Group (“KPG”) is a fully integrated real estate investment platform with asset management, leasing and construction management capabilities. With more than 35 years of combined experience, its mission is to acquire and reinvest in value-add, retail and mixed-use properties. KPG targets under-performing, non-stabilized properties in New York City where it can generate value through capital improvements and strategic re-tenanting. KPG leverages its extensive network and market knowledge, which supports a demonstrable history of single, off-market deal sourcing. KPG provides long-term value to its partners and investors — both institutional and private. Additional information about KPG and a selection of current holdings and previous transactions are available at www.KPropertyGroup.com or by calling Gregory Kraut at 212-359-0743.

About Intercontinental Real Estate Corporation

Intercontinental Real Estate Corporation is an SEC Registered Investment Adviser with decades of experience in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental and its affiliates have managed, developed or owned collectively over $10 billion in real estate property. Today, Intercontinental manages a real estate portfolio of approximately $8.5 billion for its clients. The Intercontinental portfolio is diversified both by healthy property mix and by geography. Fund strategies actively seek opportunities to invest in both Core and Core-Plus properties, as well as in value-add operating properties and development projects. Intercontinental Real Estate Corporation Contact: Manon Palandjian, 617-779-0459, Director, Marketing and Communications, ManonP@Intercontinental.net

Source: K Property Group

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