Former Playboy Club building to undergo retail makeover

GreenOak, Capstone bought Midtown office building for $85M in June

TRD New York /
Oct.October 22, 2015 06:00 PM

In yet another sign of how things have changed, the former Playboy Club on East 59th Street in Midtown is being repositioned to house a retail showroom with offices above.

GreenOak Real Estate and Capstone Equities, the partnership that owns 5 East 59th Street, are tapping architectural firm Gensler to renovate the nine-story, 40,000-square-foot property into an eight-story structure with 22-foot ceilings on the ground floor.

The partners acquired the 1960 office building for $85 million earlier this year and hope the repositioning will drive leasing revenues of more than $10 million per year, according to the New York Observer.

Only a few small office tenants remained in 5 East 59th Street at the time of GreenOak and Capstone’s purchase, while Italian restaurant Bottega del Vina — which occupies 7,200 square feet on the ground floor, lower level and basement — is set to close its doors at the end of the year after being bought out.

The building is located just off the vaunted Fifth Avenue retail corridor, which commands some of the highest retail rents in the world[NYO]Rey Mashayekhi


Related Articles

arrow_forward_ios
47 Highland Park Village in Dallas, Texas and Valentino CEO Jacopo Venturini (Adam Stewart, Nick Hunt/Patrick McMullan via Getty Images)

Valentino expands in Dallas as it dumps NYC flagship

Valentino expands in Dallas as it dumps NYC flagship
Valentino store on Fifth Avenue and Valentino CEO Jacopo Venturini (Valentino, Nick Hunt/Patrick McMullan via Getty Images) 

Valentino sues to quit Fifth Ave — maybe forever

Valentino sues to quit Fifth Ave — maybe forever
685 Third Avenue (Credit: Google Maps)

Unizo strikes a deal to sell trophy Manhattan property

Unizo strikes a deal to sell trophy Manhattan property
Megaproject developers have long — and bumpy — road ahead: TRD panel experts

Megaproject developers have long — and bumpy — road ahead: TRD panel experts

Megaproject developers have long — and bumpy — road ahead: TRD panel experts
Fifth Avenue takes another hit: Tommy Hilfiger is leaving its flagship

Fifth Avenue takes another hit: Tommy Hilfiger is leaving its flagship

Fifth Avenue takes another hit: Tommy Hilfiger is leaving its flagship
By the numbers: Fifth Avenue’s pricey retail rents have prompted luxury retailers to flee the tony stretch

By the numbers: Fifth Avenue’s pricey retail rents have prompted luxury retailers to flee the tony stretch

By the numbers: Fifth Avenue’s pricey retail rents have prompted luxury retailers to flee the tony stretch
Thor Equities is in a very precarious position at 597 Fifth

Thor Equities is in a very precarious position at 597 Fifth

Thor Equities is in a very precarious position at 597 Fifth
Versace joins slew of retailers leaving Fifth Avenue

Versace joins slew of retailers leaving
Fifth Avenue

Versace joins slew of retailers leaving
Fifth Avenue
arrow_forward_ios

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

Loading...