388 5 Avenue
Garment District, Manhattan
Parcel ID (BBL): 1008370048
Built: 1906
Renovated: 1961
SF: 133,544
Dwelling units: 0
No. of buildings: 1
Class: Office with Comm — 7 to 19 stories (O6)
Floors: 8
Legacy BBLs: 1008370048
Transactions:
• Hilson Management borrowed $47.4 million from Maverick Real Estate Partners for 386 5th Avenue and 390 Fifth Avenue, Garment District, Manhattan on April 23, 2025.
• KMF Holding sold 386 5th Avenue, Garment District, Manhattan for $25.1 million to Hilson Management and Jeremy Schwalbe on June 27, 2024.
• Maverick Real Estate Partners on February 23, 2024 bought a loan with an original principal of $50 million from Blackstone Group, secured by 386 5th Avenue, Garment District, Manhattan, when owned by Hilson Management.
Development:
• Jason Schwalbe filed plans for alteration in Garment District, Manhattan, on November 05, 2025.
• Jason Schwalbe filed plans for alteration in Garment District, Manhattan, on November 05, 2025.
• Jason Schwalbe filed plans for alteration in Garment District, Manhattan, on October 10, 2025.
• Jason Schwalbe filed plans for major alteration for 117,362 sqft in Garment District, Manhattan, on May 07, 2025.
• Jason Schwalbe filed plans for alteration in Garment District, Manhattan, on March 10, 2025.
Most recent Schedule of Occupancy
Violations:
According to city public data, the properties have received $2,000 in OATH penalties in the last year.