Hahn Kook Center to Invest $200 Million in Park Avenue Revitalization
Deal News | Jan 28, 2025 | New York City Economic Develop
The New York City Economic Development Corporation (NYCEDC) and New York City Industrial Development Agency (NYCIDA) announced Hahn Kook Center (HKC) as the third recipient of the M-CORE award. This initiative aims to renovate 460 Park Avenue, HKC's U.S. headquarters, into a hub for international business with a $200 million investment. M-CORE, a program targeting Manhattan's aging office spaces, provides financial incentives to modernize these buildings, aiming to attract businesses, upgrade workspaces, and support environmental standards like Local Law 97. The renovation of the 22-story building will significantly contribute to the economic vibrancy of New York City and bolster international trade relations, particularly between the U.S. and Korea. NYCEDC has opened the next round of M-CORE applications, which will conclude on May 1, 2025, as part of the ongoing strategy to turn New York City's commercial districts into dynamic, 24/7 destinations. The program is critical to mitigating NYC's current office vacancy rate and aligns with the Adams administration's efforts to invigorate the city’s economic landscape. Other previous awardees such as 175 Water Street and 850 Third Avenue have also benefited from similar upgrades aimed at revitalizing Manhattan's commercial real estate sector.
Sectors
- Real Estate Development
- Urban Development
- Economic Development
Geography
- New York, USA – The article involves the New York City region, focusing on the development of its commercial districts, particularly in Manhattan.
- South Korea – The Hahn Kook Center, a major participant in the project, is affiliated with the Korean International Trade Association, indicating cross-national involvement between South Korea and the United States.
Industry
- Real Estate Development – The article discusses the renovation and redevelopment of aging office spaces in Manhattan, aiming to modernize real estate to meet current market demands and improve economic activities.
- Urban Development – The M-CORE initiative represents a significant urban development strategy to transform New York City's commercial districts into modern, economically vibrant areas.
- Economic Development – NYCEDC, the primary entity responsible for this project, focuses on initiatives that stimulate the local economy and improve the livability of New York City's neighborhoods.
Financials
- $200,000,000 – The total investment amount for the renovation of 460 Park Avenue under the M-CORE program.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hahn Kook Center (HKC) | Target Company | Company | An affiliate of the Korean International Trade Association, involved in the $200 million renovation of 460 Park Avenue. |
| New York City Economic Development Corporation (NYCEDC) | Program Operator | Government | A nonprofit organization aiming to enhance New York City's economy through strategic investments and public-private partnerships. |
| New York City Industrial Development Agency (NYCIDA) | Partner Agency | Government | Collaborates with NYCEDC to facilitate economic development projects within New York City. |
| First Deputy Mayor Maria Torres-Springer | Government Official | Government | Expressed support for the M-CORE initiative and its role in reviving New York City's commercial real estate. |
| Andrew Kimball | NYCEDC President & CEO | People | Promotes the economic impact and transformative potential of the M-CORE program on NYC's office market. |
| Junbong Lee | HKC President | People | Oversees HKC's operations in the renovation of 460 Park Avenue under the M-CORE program. |