TIG, PGIM, Meadow fully permitted for $10.4M project, part of $300M initiative to reposition Textile Building

Tribeca Investment Group, PGIM Real Estate, and Meadow Partners, on September 24, were given a permit for a $10.4 million project to reposition the historic 526,540-square-foot Textile Building, located at 295 Fifth Avenue in Nomad, as a Class A office tower.

The plans, pre-filed on February 18, aim to convert the Textile Building to a modern office space. The plans indicate the size of the building will change from 198-feet tall, 17-stories, and 540,309-square-feet to 258-feet tall, 18-stories, and 526,540-square-feet.

The project is described in the filings as: general construction modifications related to the documentation of existing and reallocation of zoning floor area. Change in use and egress throughout the entire building as per plans filed herewith. Obtain amended certificate of occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $10,416,887.

The project will convert more than 150 textile showrooms to office space while creating new ground-floor retail space.

Studios Architecture is listed as the architect.

The joint-venture partners closed on the 99-year ground lease of the nearly 100-year old historic building last October. Part of the acquisition plan was to invest up to $300 million to upgrade the building. The upgrade will involve a new lobby and retail store fronts.

Reports stated the renovations were intended to attract finance and technology companies as tenants.

Direct link to Acris document.LINK

Direct link to DOB document.LINK