Manhattan Midtown 55th Street Mixed-Use Building Acquisition
2nd-4th Floor Office Space Remodeled into Apartments
Interior and Exterior Renovations, Convenience Facilities Expansion Planned
Following LA, New York Overseas Housing Business Expansion
Bando Construction is purchasing a residential-commercial complex located in the heart of Manhattan, New York, and is promoting a remodeling project. Following its housing business in LA, the company is spreading 'K-residential culture' in New York and pioneering new opportunities abroad.
On the 19th, Bando Construction announced that it has completed the payment for the purchase contract of the residential-commercial apartment on 55th Street in Midtown Manhattan, New York, and will begin the housing remodeling project in earnest.
Bando Construction plans to purchase the aging residential-commercial building and remodel the office spaces into apartments. The 55th Street residential-commercial apartment is located in a prime area in Midtown, south of Central Park. The building currently uses the first floor as commercial space, the 2nd to 4th floors as officetels, and the 5th to 13th floors as apartments. Once remodeling is completed, the units will be supplied for rent.
Bando Construction will expand the office spaces into apartments and modernize both the interior and exterior of the building, while also adding convenience facilities to enhance residents' living comfort. This so-called 'conversion' method is commonly used locally in the U.S. to supply new residential spaces.
The buildings in Midtown Manhattan have an average age exceeding 70 years. Due to New York's characteristics of a high influx of new residents and high population density, there is strong demand for housing. However, the geographical limitation of being on an island restricts the expansion of new residential spaces, resulting in a shortage of supply.
The 55th Street residential-commercial apartment is located between 5th Avenue and 6th Avenue. 5th Avenue is adjacent to Central Park and features luxury apartments and historic mansions. It is within walking distance to iconic New York tourist destinations such as Central Park, the Museum of Modern Art, Rockefeller Center, and Times Square. It is a transportation hub where seven subway lines stop, connecting to surrounding urban areas like New Jersey, Brooklyn, and Queens, making it the most preferred location for New York office workers.
In addition to the LA housing business and the Manhattan residential-commercial remodeling, Bando Construction is considering expanding new projects to major cities across the U.S. Chairman Kwon Hong-sa is leading the development projects while traveling between the U.S. and Korea.
Previously, 'The BORA 3170' in LA, where Bando directly handled land acquisition, construction, and rental management, is now in the final stages of leasing. It has gained popularity among local young people and international students by introducing various amenities targeting a lifestyle that balances work and life, as well as state-of-the-art soundproofing systems. 'The BORA 3020,' which broke ground last January, is currently 8% complete and aims for completion in December 2026.
Chairman Kwon Hong-sa said, "The U.S. development market was considered a barren land for domestic construction companies due to high entry barriers, but with the determination that 'if you knock, it will open,' we worked together with our employees and achieved results. Based on the know-how gained from the success of the LA project, we will showcase Korean construction technology not only starting from Midtown Manhattan in New York but also in other major U.S. hubs, contributing to national prestige."
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