Spanish tile company buys 204 Fifth for $43M

Four-story commercial building sits across from Madison Square Park

New York /
Jan.January 22, 2018 06:35 PM

UPDATED, 5:33 p.m., Jan. 24: Porcelanosa, a Spanish ceramics and interior design retailer, has spent $42.5 million to buy 204 Fifth Avenue from Artemis Partners, according to property records filed Monday and Sotheby’s broker Jonathan Hettinger.

The 14,538-square-foot office property stands four stories tall across from Madison Square Park in the Garment District and is a Beaux-Arts commercial building. Porcelanosa purchased it through the company Porven Real Estate, and Hettinger represented Artemis in the deal.

The building was constructed in 1913 and renovated in 2004. It was previously put on the market with a $27 million asking price and sold for $29.5 million in January 2017.

Porcelanosa purchased 202 Fifth Avenue next door in 2012 for $40 million and currently uses the space for its flagship store. The company plans to combine it with 204 Fifth Avenue to increase the size of its flagship, Hettinger said.

The city had been planning a rezoning of the Garment District, but the de Blasio administration put a temporary hold on the plan over the summer following a report recommending that the zoning be phased in to help protect garment industry jobs.

This story has been updated to include more information about the buyer.


Related Articles

arrow_forward_ios
NY investment sales market roars back
New York City investment sales market roars back
New York City investment sales market roars back
Wells Fargo, BlackRock join other firms in delaying office returns
Wells Fargo, BlackRock, Amazon join others in delaying office returns
Wells Fargo, BlackRock, Amazon join others in delaying office returns
American Dream Mall (Getty)
American Dream mall drains reserves to make payment on $290M debt
American Dream mall drains reserves to make payment on $290M debt
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Upcoming issue: Surreal estate
Clockwise from top left: Charles Cohen, Douglas Durst and 657 West 57th Street Avenue (Getty, Google Maps)
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
Durst sues Landmark Theatres for $49M in damages, unpaid rent at UWS cinema
MGM Growth Properties CEO James Stewart and Vici CEO Edward Pitoniak (MGM, Vici)
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Casino REIT Vici Properties acquires MGM Growth Properties in $17B deal
Residence Inn Austin Northwest, TownePlace Suites Austin Northwest and Chatham Lodging Trust CEO Jeffrey Fisher (Marriott, Chatham Lodging Trust)
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
Chatham Lodging Trust buys two Marriott-branded hotels in Austin for $71M
essensys CEO Jeremy Bernard (iStock)
Flex workspace tech firm essensys eyes US, APAC expansion
Flex workspace tech firm essensys eyes US, APAC expansion
arrow_forward_ios

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

Loading...