ADMIRAL OVERSEES CAPITAL IMPROVEMENT PROJECTS
MT. KISCO, New York, Apr. 12 – Recognizing that the Mt. Kisco office leasing market has a demand gap for smaller, single office spaces, Admiral plans to subdivide large offices at 153 Main Street into smaller offices with common waiting rooms.
Admiral Real Estate, the property’s management company, will oversee the planning and design process, as well as construction and build-out of the units. By separating the larger units into smaller offices, Admiral’s client is projected to significantly increase revenue on a per square foot basis, translating into a 25% return on its capital expenditure.
Admiral will also supervise the installation of a new roof as part of an aggressive program to stop water from infiltrating into the building. This preventative project will lower the owner’s maintenance expenses considerably by reducing outlays made necessary by water damage. As part of its oversight of the roofing installation, Admiral will make certain that the contractor applies the proper membrane in a workmanlike manner, and that the contractor maintains proper levels of insurance coverage.
Admiral has already completed the bidding process for the roofing job, which was ultimately awarded to Sound Restoration of Norwalk, CT. Work on both projects is scheduled to commence during the less busy summer months.
Admiral Real Estate Services Corp. is a full-service leasing, property management and advisory firm. Based in Manhattan, the company currently manages and/or leases a portfolio of 44 retail, office, residential and development properties in the New York metropolitan area.
Admiral Real Estate Services Corp.
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