Commercial investors try refurbishing

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With credit tight and the market on shaky legs, more commercial real estate investors are opting to improve existing properties before diving into new projects according to the New York Times. These upgrades — which can range from retrofitting to repurposing — have cropped up on prominent buildings across the city, including 200 Fifth Avenue, the one-time International Toy Center, and 475 Park Avenue, which is getting a $25 million renovation designed by noted architect Cesar Pelli. The projects can have long-term benefits for investors, according to Eugene Kohn, chairman of architecture firm Kohn Pederson Fox. “All these projects are taking existing structures and enhancing them, allowing the owners to get [a] much greater return on them,” Kohn said.

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