Deerfield files plans for $3.3M multi-floor rehab of an office building in Flatiron

Medical property owner Deerfield Management Company, on October 26, filed a permit application for a $3.3 million rehab of amenity spaces of an office building at 345 Park Avenue South in Flatiron.

The plans call for a rehab of the penthouse and floors nine and 12 of the 147-foot tall, 12-story, building.

The project is described in the filings as: herewith filing for amenity spaces and general construction work as per plans. No change to use, egress or occupancy under this application. The initial cost as reported in the DOB filing for the work described in this permit application is $3,325,000.

According to the building’s most recent Schedule A, the ninth floor is made up of commercial office space with non-production labs, the 12th floor also is used for commercial office space, while the penthouse is used for recreation space.

The property was acquired for $344.5 million on September 5, 2019. The medical fund management company purchased the building from RFR Realty. Reports around the time of purchase stated the company estimated the total cost at about $570 million to buy and renovate the building, specifically by creating lab space.

Direct link to Acris document.LINK

Direct link to DOB document.LINK