A turn-of-the century building at 1420 New York Ave. NW. will undergo a $1 million renovation, a new owner has announced.

Dennis Makielski, a general purchashing partner along with John E. Haley, said that work will begin soon on renovation of upper floors of the nine-story structure tht was known as the Trans-Caribbean Airways Building it was owned by O. Roy Chalk. Plans also call for removal of a metal grill over the original Victorian facade that will be restored under a construction loan from National Savings and Trust.

Makielski said that the building was purchased recently for $1.8 million from a group headed by Robert Holtzman and William Platt.

Office space in the refurbished structure will be leased in the range of $13 a square foot by Coldwell Banker, Makielski said. He added that first-floor commercial spaces currently are leased but upper floors are now mostly vacant. The building has about 50,000 square feet of space.

The Trans-Caribbean building is located just west of the Bond building, another vintage structure that was sold recently to a group headed headed by builder-developer Morton Bender. An adjacent building on 14th Street, fromerly occupied by the defunct Lacaze Gardner School, was also part of the $2 million purchase made by the Bender group from the Jonathan Graossman family.

No Announcement was made but it has been reported likely that those structures will be razed to make way for a new office building.