Owning high-end spaces is in itself a perk already but it seems that property owners or managers do not want to settle for that but renovation, and this has become the new trend.
Most property owners or managers renovate and want to be as innovate as they can to keep up with those in the market, specifically their competitors.
Rupert Murdoch, businessman and media tycoon, spent about $60 million for a Madison Square Park Triplex only to find out that it wasn't visually impressive at all, opting him to have it renovated. In fact, the penthouse is even described as "raw" and "barebones apartment," as per a report via The Real Deal.
"It was pretty much a white box when we moved in. At the level that we're working at, people like to see something new or at least brought up to date," said Jose Ramirez, head of the architecture firm, who is tasked in completing the penthouse's extensive renovation, but did not discuss further about the project.
One of the nine spaces in the building that have been renovated over the last three years, the penthouse is nearing its completion and is now being listed with an asking price of $72 million.
On another note, permits for renovations are not easily granted to all buildings. Reports say that renovations are done depending on the age of the buildings. For example, Related Companies' One Madison, Extell Development's One57 and 150 Charles Street are up for upgrades because they are already aging and even described as "blank canvases."
Moreover, renovations are done with a goal to make it more accurately relevant to the space's intended function.
"I think what's happening more and more, and even in something as nice as 150 Charles, they're kind of delivering a generic envelope for people to move into. The people who buy the apartments decide to renovate according to their needs," said Danielle Albert, co-owner of CODA Design + Build firm.
On the other hand, architects, at some point, can also have freedom to upgrade older buildings. For example, John B. Murray Architect, John Murray's firm, upgrades pre-war buildings. The firm has even started renovating the 20th and 21st floors of Hampshire House at 150 Central Park South last year.
However, upgrading older buildings can also be challenging. Architects need to preserve the historical and cultural value and integrity of a landmarked building by adhering to the design specifications. Sad to say, the floor plans of older buildings are not at all times accurate and the details seem very crucial for the architects, making it hard for them to adhere to the real historical structure of the building.
Despite this, interior designers are still positive about what they can do to upgrade the buildings.
"When you're dealing with an existing space, or an existing structure, you don't always know what's behind the wall, behind the door and below the floor. There's little surprises throughout the process of the project, and it's nice because it forces you to challenge yourself as a designer. It helps you really appreciate the construction process because you're forced to be so intimate with it," said Karen Asprea, designer of Whitehall Interiors, a firm that has done several renovations already.
