Newmark has brokered a financing deal totaling $150 million for the reconversion of the Textile Building in Midtown Manhattan. Dustin Stolly, Jordan Roeschlaub, Christopher Kramer, Nick Scribani, Ben Kroll, and Holden Witkoff were part of the team that secured the mortgage issued by Deutsche Pfandbriefbank — a German bank that specializes in real estate and public sector financing.
“Being able to secure financing for this type of product during this uncertain time speaks to the quality of the collective ownership of the property,” Stolly said.
Owned by Tribeca Associates and located at 295 Fifth Ave., the property was originally built in 1920 and, for much of the 20th century, had been a Mecca for textile manufacturers. Completed in less than five months, the building is a reminder of an era in which Manhattan was dotted with a series of specialty addresses. For instance, several places were dedicated to a particular branch of business — such as the Brill Building, which was a focal point of music publishers, studios and other entertainment companies — or the International Toy Center.
In 2021, construction and rehabilitation work began to reshape the former Textile Building into a new, 19-story, 710,000-square-foot office tower. Efforts included upgrades to existing windows; HVAC and ventilation systems; elevators; and general infrastructure. Meanwhile, the lobby was redesigned by Studio MAI, adding more natural light through the use of arched ceilings.
Upon completion, the property will also boast a new, 34,000-square-foot penthouse above the existing 16th floor. The space will provide access to premier office suites, as well as offer several wraparound terraces, arched canopies and breathtaking views of the Midtown skyline. Retail storefronts will also be revamped.
“Since the pandemic, we’ve seen office users flocking to quality assets to attract and retain their talent. The recent top-of-the-line modernization at 295 Fifth Ave. will make it a destination property for the city’s office tenants,” Roeschlaub said.
Given the strong interest of Fortune 500 companies in Class A buildings located along the Park Avenue South Square Park corridor, there’s much cause for optimism regarding the building’s ability to attract quality tenants upon completion.
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