{"id":230109,"date":"2021-04-19T03:09:15","date_gmt":"2021-04-19T00:09:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/textile-building-at-295-fifth-avenue-to-get-penthouse\/"},"modified":"2021-04-19T03:09:15","modified_gmt":"2021-04-19T00:09:15","slug":"textile-building-at-295-fifth-avenue-to-get-penthouse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/textile-building-at-295-fifth-avenue-to-get-penthouse\/","title":{"rendered":"#Textile Building at 295 Fifth Avenue to get penthouse"},"content":{"rendered":"

“#Textile Building at 295 Fifth Avenue to get penthouse<\/strong>”<\/p>\n

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The handsome former Textile Building at 295 Fifth Ave., a century-old monument to the city\u2019s golden age of app<\/a>arel-making, will soon sport a two-story penthouse addition \u2014 among other major changes to prepare the Midtown South property for new life as an wellness- and environmentally-attuned office building.<\/p>\n

The penthouse \u2014 plus a ground-floor courtyard, several terraces and hospitality amenities \u2014 are part of a $350 million redevelopment by the building\u2019s new owners, Tribeca Investment Group (TIG), PGIM Real Estate and Meadow Partners. They bought a 99-year leasehold in 2019 for $375 million.<\/p>\n

TIG is tapping its expertise as developer of hotels \u2014 Midtown\u2019s Baccarat and the FiDi Moxy \u2014 to help create what TIG founding principal Elliott Ingerman calls a \u201ctalent playground for large corporations to draw and retain talent.\u201d<\/p>\n

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.<\/p>\n

The owners have 700,000 square feet to fill in a depressed market. But they\u2019re counting on a post-pandemic revival, as well as a central Midtown South location within walking distance of both Penn Station and Grand Central Terminal, to justify their total $725 million investment.<\/p>\n

\u201cWe feel very good about our basis,\u201d a confident Ingerman said.<\/p>\n

\"The
The owners have 700,000 square feet to fill in a depressed market. But they\u2019re counting on a post-pandemic revival.<\/figcaption>
Alamy Stock Photo<\/span><\/figcaption><\/figure>\n

The 34,000-square-foot penthouse designed by Studios Architecture will boast floor-to-ceiling windows shaped to echo the ground-floor, Neoclassical-style archways. The greenery-filled lobby will have a caf\u00e9, a library and direct access to a rear courtyard \u2014 among other new elements to provide fresh air \u2014 that was previously used as a loading area.<\/p>\n

Floor plates of 44,000 square feet on floors 1-16, and a smaller 17th floor with a wraparound terrace, should appeal to \u201clarger tenants who want larger blocks,\u201d Ingerman said. Floors feature slab-to-slab ceiling heights from 12 to 17 feet, exposed steel columns with rivets and new windows.<\/p>\n

\"Rendering
Rendering of the building\u2019s entrance.<\/figcaption><\/figure>\n

\u201cA lot of technology<\/a> tenants are looking for this type of space, and now, so are the banks,\u201d he said.<\/p>\n

Asking rents will run from $95 a square foot at the base to $135 psf in the penthouse. A CBRE team led by Peter Turchin is handling leasing. The property is \u201cunlike anything else on the market today,\u201d Turchin said.<\/p>\n

Empire State Realty Trust has signed two new office leases totaling more than 60,000 square feet within a block of one another.<\/p>\n

Burlington Stores is nearly doubling its space at 1400 Broadway, adding 33,125 square feet on the 11th floor to the 35,182 sf it already has. The asking rent was $72 per square foot.<\/p>\n

The publicly traded retailer\u2019s executive vice president, Gayle Aertker, said, \u201cAs Burlington continues to grow, we appreciate ESRT\u2019s partnership allowing us to invest further in our merchandising team.\u201d<\/p>\n

Meanwhile, Zentalis Pharmaceuticals is a new tenant at 1359 Broadway. The clinical-stage biopharmaceutical firm is taking 31,362 sf. The ask was $73 psf.<\/p>\n

Zentalis CEO Dr. Anthony Sun said, \u201cWe are committed to ensuring our employees\u2019 safety and well-being, and our new corporate office space will provide a healthy and productive work environment to help bring our innovative cancer treatment to patients.<\/p>\n

Buddy\u2019s Dog Den, which calls itself \u201cBrooklyn\u2019s Urban Dog Retreat\u201d at its eight-year Williamsburg location, is expanding to Manhattan. The provider of \u201chome-like\u201d pooch pampering will open in May at 1105 First Ave. near East 61st Street.<\/p>\n

Its 4,000 square feet on two levels will include dog runs as well as extensive grooming services. The ground-floor asking rent was $110 per square foot.<\/p>\n

The lease was arranged by Lee & Associates. The firm\u2019s Richard Kave said, \u201cI\u2019ve been helping Buddy\u2019s owner Lynne-Marie Paquette find a Manhattan location for more than three years.\u201d<\/p>\n

Kave repped the tenant. Winick Realty Group\u2019s Hal Shapiro represented the landlord. The brokers worked together 15 years ago when Kave brought Running Paws Athletic Club to the same First Avenue location. Running Paws was later acquired by AKC Canine Retreat, the most recent tenant in the space.<\/p>\n

\u201cWhat makes this deal particularly sweet,\u201d Kave added, \u201cis that Lynne-Marie expects to be able to rehire two or three former employees who she had to furlough at the Brooklyn location due to COVID-19 and a downturn in her business.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Textile Building at 295 Fifth Avenue to get penthouse” The handsome former Textile Building at 295 Fifth Ave., a century-old monument to the city\u2019s golden age of apparel-making, will soon sport a two-story penthouse addition \u2014 among other major changes to prepare the Midtown South property for new life as an wellness- and environmentally-attuned office…<\/p>\n","protected":false},"author":1,"featured_media":230110,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/04\/295-fifth-ave.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[102528,72881,74351,80281,75389],"class_list":["post-230109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-4-18-21","tag-commercial-real-estate","tag-fifth-avenue","tag-midtown-south","tag-realty-check"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/230109","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=230109"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/230109\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/230110"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=230109"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=230109"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=230109"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}