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Spanish tile company buys 204 Fifth for $43M
Four-story commercial building sits across from Madison Square Park
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.