Skyler Realty’s 330 Fifth Avenue Draws Textile Building’s Tenants
By Lois Weiss February 3, 2021 12:30 pm
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The repositioning of the Textile Building at 295 Fifth Avenue is leading its tenants to sign new leases elsewhere. One of the beneficiaries of the moves has been the nearby 330 Fifth Avenue on the southwest corner of West 33rd Street.
Both VCNY Home and Regal Home Collections have now signed leases to move from 295 Fifth to 330 Fifth, where their former (and now, new) neighbors, Royale Linens and Kassatex, have already relocated. Royale Linens previously leased 6,027 square feet on the sixth floor and Kassatex has 11,670 square feet on the 11th floor.
Now, VCNY will occupy the entire seventh floor of 12,237 square feet, while Regal Home Collections has leased the entire eighth floor, also 12,237 square feet.
Alan Bonett and Bradley Cohn of Adams & Co. represented both tenants in the transaction. Bonett also represented the building owner, Skyler Realty, a division of Shulsky Properties.
According to CoStar (CSGP) Group, asking rents at the building range from $40 to $60 per foot. Just the full 13,587-square-foot fourth floor is available to lease, along with a retail spot.
The building’s lobby has been restored and the spaces have plenty of light, with 30 windows wrapping three sides of each floor.
The building has become one of the new anchors for home textile companies, Bonett said in a statement, particularly as it sits in what Adams & Co. calls the Transit Triangle with easy access to major train and bus stations.
“These companies are well-established, appealing to an audience that we believe will attract more like-minded companies to look at the availability on the fourth floor,” Bonett said. “Accessibility is of significant importance to our clients and the building’s location provides seamless access to major, mass transportation hubs.”
Built in 1926, the 224,000 square-foot building has 15 stories and sits across West 33rd Street from its taller neighbor, the Empire State Building, which hosts many restaurants and other neighborhood amenities.
The 21-year-old VCNY Home is one of the top textile companies specializing in home products for bedrooms, bathrooms, windows and other decor items.
Founded in 1999, Regal Home Collections is a major distributor for items, such as curtains, bedding and tablecloths.
The property they are exiting at 295 Fifth Avenue is 700,000 square feet with floor plates of as much as 40,000 square feet. A group including PGIM Real Estate, Meadow Partners and Tribeca Investment Group entered into a 99-year lease last fall, and is planning a $300 million repositioning of the building that will include the addition of a glass rooftop.
Another of its tenants, Keeco, moved to 26,170 square feet at 390 Fifth Avenue.
