Spanish tile company pays $40M for historic Madison Square Park building

New York /
Jun.June 18, 2012 08:30 AM

A Spanish kitchen and bathroom tile company has purchased a historic Madison Square Park building for its U.S. headquarters. According to the Wall Street Journal, Porcelanosa paid $40 million for the 15,000-square-foot building at 202 Fifth Avenue, between 25th and 26th streets. The building is engraved with a Commodore Criterion sign. The signage was a remnant of its former tenant, the Commodore Manufacturing Corp., which recently moved its headquarters to Brooklyn.Porcelanosa, a four-decade-old Spanish company with $1.5 billion in revenue from 400 showrooms in 80 countries, including 18 in the United States, has the rights to rename the building.

Financial turmoil in Spain has led the country to expand in the U.S. of late, as revenues in America are expected to reach $80 million in 2012 up fro $60 million last year and the firm plans showrooms elsewhere in the country. Poreclanosa will spend about $10 million to renovate the building and expects to open it in the spring of 2014. [WSJ]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
The 17 Jane Street duplex condo (Compass)
Manhattan luxury market logs best Thanksgiving week ever
Manhattan luxury market logs best Thanksgiving week ever
Secratary of the Treasury Janet Yellen (Getty, iStock)
Treasury Department to ease rent relief backlogs with reallocations
Treasury Department to ease rent relief backlogs with reallocations
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
Traffic was up 47.5 percent from last year, when coronavirus restrictions and concerns were more rampant. (iStock, Getty)
Black Friday retail traffic stuck below pre-pandemic levels
Black Friday retail traffic stuck below pre-pandemic levels
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Brownstones rule Brooklyn’s luxury market Thanksgiving week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...