Hudson’s Bay finishes $6M rehab of cellar at Saks Fifth Avenue

Hudson’s Bay Company, on September 2, formally completed a $6 million renovation of the cellar of the Saks Fifth Avenue building at 611 Fifth Avenue in Plaza District.

The plans, pre-filed on January 18, 2019, call for a rehab of the sub-cellar and cellar of the 556-foot tall, 38-story, building.

The project is described in the filings as: general construction on the sub-cellar and cellar floors as plans filed herewith. No change in use, egress, or occupancy The initial cost as reported in the DOB filing for the work described in this permit application is $6 million.

Gensler was the architect for the project.

The value of the flagship retail store has decreased significantly over the last five years or so. Last fall reports stated that the value of the store had dropped from $3.7 billion to $1.6 billion, nearly 60 percent, over the course of five years.

The decline in value was reportedly due to performance of the store itself, rent changes, and the evolution of the general retail market.

No plans have been filed at the building since September of 2019.

Direct link to Acris document.LINK

Direct link to DOB document.LINK