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Tuesday, June 15, 2021

Textile Building at 295th Fifth Avenue to Build Penthouse

The beautiful former textile building at 295th Fifth Avenue, a century-old monument to the city’s golden-age apparel-making, will soon add a two-story penthouse – other major changes to prepare the Midtown South property for new life in between. A welfare

The penthouse – a ground-floor courtyard, multiple terraces and hospitality facilities – is part of a $ 350 million redevelopment by the building’s new owners, Tribeca Investment Group (TIG), PGIM Real Estate and Meow Partners. He bought a 99-year leasehold in 2019 for $ 375 million.

TIG is tapping its expertise as a developer of hotels – Midtown’s Baccarat and FiDi Moxy – to help build and attract and maintain TIG Founding Principal Elliott Ingerman a “talent playground for the big game” Calls. “

The now-vacant, full-blockfront building was home to textile industry firms as recently as two years ago. It will be open to new tenants in the third quarter of 2022.

The owners have 700,000 square feet to fill a gloomy market. But they are counting on a mid-center revival as well as a central Midtown South location within walking distance from both Penn Station and Grand Central Terminal to justify their total $ 725 million investment.

“We feel great about our base,” said a trustworthy Ingeerman.

Textile Building at 295 Fifth Avenue.
The owners have 700,000 square feet to fill a gloomy market. But they are counting on a post-pandemic revival.
Alami Stock Photo

Designed by Studio Architecture, the 34,000-square-foot penthouse will feature ground-to-ceiling windows, echoing ground-floor, neoclassical-style arches. The greenery-filled lobby will have direct access to a café, a library and a rear courtyard – among other new elements to provide fresh air – formerly used as a loading area.

A small 17th floor, with 44,000 square feet of floor plates and wraparound ceilings on 1-16 floors, should appeal to “big tenants who want big blocks.” The floor has a slab-to-slab roof height ranging from 12 to 17 feet, with steel pillars, with reverberations and new windows.

Rendering the entrance to the building.
Rendering the entrance to the building.

“A lot of technology tenants are looking for this type of place, and now, so are banks,” he said.

Asking rents will run from a $ 95 class base in the penthouse to $ 135 PSF. A CBRE team led by Peter Turchin is leasing. Turin said the property is “unlike anything on the market today”.

Empire State Realty Trust has signed two new office leases totaling more than 60,000 square feet within each other’s blocks.

Burlington Stores is nearly doubling its location at 1400 Broadway, adding 33,125 sq ft on the 11th floor to 35,182 sf which it already has. The asking rent was $ 72 per square foot.

Gale Ertaker, executive vice president of the publicly traded retailer, said, “As Burlington continues to grow, we appreciate ESRT’s partnership allowing us to invest more in our business team.”

Meanwhile, Zentalis Pharmaceuticals is a new tenant at 1359 Broadway. The clinical-stage biopharmaceutical firm is taking 31,362 sf. Asking was $ 73 psf.

Zantalis CEO Dr. Anthony Sun stated, “We are committed to ensuring the safety and wellbeing of our employees, and our new corporate office space will provide a healthy and productive working environment to help patients bring our innovative cancer treatments.”

The Buddy’s Dog Den, which calls itself the “Urban Dog Retreat of Brooklyn” at its eight-year-old Williamsburg location, is expanding into Manhattan. The provider of “home-like” pumper locking will open in May near East 61st Street at 1105 First Avenue.

Its 4,000 square feet on two levels will include dogs as well as extensive grooming services. Ground-floor rent was $ 110 per square foot.

The lease was arranged by Lee and Associates. Richard Cave of the firm said, “I’ve been helping Buddy owner Lynn-Marie Paquet find the location of Manhattan for more than three years.”

Kev re-erected the tenant. Hal Shapiro of Winik Realty Group represented the landlord. The brokers worked together 15 years ago when Kew brought the Running Pav Athletic Club to the same First Avenue location. The Running Five was later acquired by AKC Canine Retreat, the most tenant in the space.

“What makes this deal particularly sweet,” Kew said, is that “Lynn-Marie hopes to be able to retrieve two or three former employees whom Covue-19 has due at the Brooklyn location and his Business had suffered a slowdown. “

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