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原文：
The rehabilitation of 115 West 18th Street was directed by Mitchell Kaufman, who manages the Wassersteins' several Manhattan properties. Mr. Kaufman Plug Valves said the owners spent $6 million in basic improvements - new elevators, mechanical systems, windows and plumbing risers - and then rented out the office floors in as-is condition at a base rent of about $12 a square foot. A significant part of the rehabilitation was the replacement of 1,705 windows, at an installed cost of $500 a window, Mr. Kaufman said. He estimated that if Landmarks Commission approval of the new insulated windows had been required, window replacement costs would have been 100 percent higher. The work was done before landmarks review was required. The Midtown South area has been among the few in Manhattan where office tenants may lease unimproved space. Not surprisingly, architectural firms, construction companies and others that specialize in space improvement have been among those mostSafety Relief Valves In Midtown North, average asking rents have edged downward by about $1 a square foot per year in the last year, to $38 to $39 a square foot, Williams said, but effective rents, after negotiations on tenant work letters and other terms, are lower. So far the large midtown developers have not ventured into the Chelsea market, but that may be changing. Tishman Speyer Properties has become involved as managing general partner in the effort to recycle the formidable, little-occupied Siegel Cooper Balance Valves building on the east side of Avenue of the Americas between 18th and 19th Streets. It is a behemoth with about 750,000 square feet of space. Tishman Speyer considers it well-suited for a large tenant.
原文来自： http://www.nytimes.com/1988/05/01/realestate/perspectives-chelsea-offices-new-arrivals-in-an-escape-valve-zone.html?pagewanted=2

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译文：阀门上升优势
据市中心南部的威廉姆斯房地产公司调查，询问租金继续上升的优势在1987年为总可出租下降。今年2月，平均租金叫价被发现约910万直接提供租赁或转租平方英尺二十三点四九美元一平方英尺。在市中心区北部，平均租金叫价小幅下调了约1美元，每年平方英尺去年，38美元至39美元一平方英尺，威廉姆斯说，但有效的租金，租客后的工作信件和其他方面的谈判，降低。一项研究，为百富勤白所做的查尔斯萨克斯，顾问，发现租户谈判力量的增加自10月19日股市大跌，并在基地举行的租金相当坚定，居民更好的交易进行谈判。市中心为租户的工作的价值上升，租金优惠，增长了约10美元一平方英尺25美元一平方英尺，并且越来越长，租金优惠。 ''在市中心市场相同的模式是真实的，虽然不是明显，''他说。到目前为止，大城区的开发还没有涉足市场的切尔西，但可能会改变。铁狮门地产已成为参与的管理，努力回收强大，几乎占领西格尔库珀对之间的第18和第19街美洲大街东侧的建设的总合伙人。这是一个约75万平方英尺的庞然大物。铁狮门认为，这样的系统，适合大型租户。照片瓦瑟斯坦建设小康美洲大道（纽约/威尔逊115吉姆西18街）

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