388 5 Avenue
Garment District, Manhattan
Parcel ID (BBL): 1008370048
Owner: Maverick Real Estate Partners
Acquired: July 16, 2026, $50 million
Debt: April 23, 2025, $47.4 million
Built: 1906
Renovated: 1961
SF: 133,544
Dwelling units: 0
No. of buildings: 1
Class: Office with Comm — 7 to 19 stories (O6)
Floors: 9
Legacy BBLs: 1008370048.00000000
Transactions:
• Hilson Management sold 390 5th Avenue and 386 5th Avenue, Garment District, Manhattan for $50 million to Maverick Real Estate Partners on July 16, 2026.
• 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 major alteration job M01204666 for 117,362 sqft 56 building with 0 apartments in Garment District, Manhattan, on May 07, 2025.
• Jason Schwalbe filed major alteration job 123409043 for 600 sqft B building in Garment District, Manhattan, on March 21, 2018.
• Jason Schwalbe filed alteration job M01308180 for 18 sqft building with 0 apartments in Garment District, Manhattan, on November 05, 2025.
• Jason Schwalbe filed alteration job M01308187 for 18 sqft building with 0 apartments in Garment District, Manhattan, on November 05, 2025.
• Jason Schwalbe filed alteration job M01279390 for 858 sqft COM building with 0 apartments in Garment District, Manhattan, on October 10, 2025.
• Jason Schwalbe filed alteration job M01177508 for 1,275 sqft COM building with 0 apartments in Garment District, Manhattan, on March 10, 2025.
• Jason Schwalbe filed alteration job M01142565 for 10,000 sqft COM building with 0 apartments in Garment District, Manhattan, on December 19, 2024.
Litigation:
• Maverick Real Estate Partners filed a $47.4 million lawsuit 652437/2026 against Hilson Management on April 22, 2026,seeking a judgment related to contractat 386 5 Avenue.
• Maverick Real Estate Partners filed a $47.4 million lawsuit 652437/2026 against Hilson Management on April 22, 2026,seeking a judgment related to contractat 386 5 Avenue.
• Maverick Real Estate Partners filed a $47.4 million lawsuit 652437/2026 against Hilson Management on April 22, 2026,seeking a judgment related to contractat 386 5 Avenue.
• Maverick Real Estate Partners filed a $47.4 million lawsuit 151089/2026 against Hilson Management on January 23, 2026,seeking a money judgment related to contractat 386 5 Avenue.
• Maverick Real Estate Partners filed a $47.4 million lawsuit 151089/2026 against Hilson Management on January 23, 2026,seeking a money judgment related to contractat 386 5 Avenue.
Violations:
According to city public data, the properties have received $350 in OATH penalties in the last year.