First US property acquired by Korean institution in 1974 to reopen in 2029 with modern offices and startup space
The Korea International Trade Association is investing $200 million to renovate its landmark Manhattan building, purchased over 50 years ago, into a modern commercial tower in one of New York’s most prestigious business districts.
Located at 460 Park Avenue, the 22-story Hahn Kook Center was the first building a Korean institution acquired in Manhattan. KITA, South Korea’s leading business organization, signed the purchase agreement in 1974 for $14.66 million.
Built in 1954, the property has hosted Korea’s diplomatic missions, trade bodies, major financial institutions and business offices in New York for decades.
The renovation is expected to be completed in early 2029, according to Paik Ji-min, president of the Hahn Kook Center, a US affiliate of the KITA.
“Since KITA acquired the building in 1974, the Hahn Kook Center has served for a half century as a base for the Korean government, public institutions and businesses expanding into New York,” Paik said. "The building is now more than 70 years old, and there has been a growing need to modernize its facilities.”
The redevelopment gained momentum after New York City selected the Hahn Kook Center in January 2025 for its Manhattan Commercial Revitalization Program, or M-CORE, an initiative launched in 2023 aimed at modernizing aging office buildings.
Under the program, the property is expected to receive approximately $41 million in tax benefits over 20 years, calculated on a net present value basis, according to the New York City Economic Development Corporation. The incentives are expected to help offset the $200 million renovation.
Led by architecture firm Skidmore, Owings & Merrill, the renovation will strip the existing building back to its original steel structure and rebuild it with modern infrastructure, according to JLL, the property’s exclusive leasing agent.
The redesigned tower will feature a new glass facade with floor-to-ceiling windows, a double-height lobby, modernized elevators and advanced air-handling systems. Outdoor terraces, flexible meeting and event spaces, dining areas and wellness facilities will also be introduced.
Once completed, the property is expected to offer approximately 32,500 square meters of leasable office space.
Beyond commercial leasing, KITA plans to dedicate approximately 1,200 square meters on the third floor to a startup incubation facility, creating a foothold for Korean startups entering the New York market.
KITA will also actively seek to bring Korean export-related organizations and companies back to the building, strengthening its long-standing role as a center for Korea-US economic cooperation.
The property has long housed major Korean institutions, including the Consulate General of the Republic of Korea in New York, the Korean Cultural Center in New York, KITA New York Center, the Korea Trade-Investment Promotion Agency and other Korean financial institutions. Tenants have since relocated to accommodate redevelopment.
The building’s 1974 acquisition came as South Korea expanded its export-led economy and deepened commercial ties with the US.
KITA had opened its New York office in 1967, as rising Korean exports created a need for a permanent institutional presence in the world’s largest economy.
The Park Avenue property became a key base for Korean businesses and government agencies operating in New York, providing a prominent address in one of Manhattan’s premier commercial districts.
The redevelopment comes amid strong demand for premium office space in Manhattan, where supply remains tight in prime commercial districts.
According to JLL, the direct office vacancy rate along Park Avenue stood at just 2.2 percent in the first quarter of 2026, underscoring the limited availability of high-end office space in the area.
The property's proximity to Fifth Avenue, Central Park and major luxury hotels is expected to make the building more attractive to corporate tenants once the renovation is finished.
Paik said the project will give the Hahn Kook Center a competitive edge matching its Park Avenue address, while strengthening its role in supporting Korean businesses in the US.
"We expect the renovated Hahn Kook Center to become a key platform for Korea-US economic cooperation and for helping Korean companies expand into the US market," he said.
sahn@heraldcorp.com
