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Elliott Ingerman plans $350M revamp of Textile Building

295 Fifth Avenue (Credit: Alamy;NYPost)

Elliott Ingerman’s Tribeca Investment Group + PGIM Real Estate + Meadow Partners are planning a $350 million redevelopment of the Textile Building at 295 Fifth Avenue, NYPost first reported. The now-vacant, full-blockfront building spans over 614,040 SF, and is expected to open to new tenants in the third quarter of 2022. Floors will feature slab-to-slab ceiling heights from 12 to 17 feet, exposed steel columns with rivets and new windows.

Plans: The redevelopment includes a new, two-story penthouse (34,000 SF), a ground-floor courtyard, several terraces, and hospitality amenities. The owners have lots of office space to fill in a depressed market, and are partnering with Midtown’s Baccarat and the FiDi Moxy — to help create a “talent playground for large corporations to draw and retain talent.”

Be Smart: Asking rents will run from $95 per SF at the base to $135 per SF in the penthouse. A CBRE team of Peter Turchin, David Hollander, Brett Shannon, and Liz Lash are marketing the 700,000 SF of available space. Floor plates of 44,000 SF on floors 1-16, and a smaller 17th floor with a wraparound terrace, should appeal to larger tenants who want larger blocks of space, the Post noted.

Heard on the Street: Studios Architecture‘s David Burns: “By maintaining the original building’s character and creating something more than a glass cube for the podium floor, we’ve combined the essence of classic New York with modern necessity. The garden terraces feature expansive – and rarely seen – views across Midtown South.”

Flashback: The JV paid $375 million for a 99-year leasehold in 2019. [NYPost+REW]

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