Hooker to Add Office Space to Altman’s Flagship Store
NEW YORK (AP) _ Hooker Corp. Ltd., which earlier this month assumed full control of B. Altman & Co., announced Monday it plans to add six new floors of office space to Altman’s flagship store on Fifth Avenue.
The project, which still requires the approval of city officials, would allow Hooker to run real estate and retailing operations in one building.
Hooker said in a statement it would consolidate the Fifth Avenue store’s approximately 405,000 square feet of retail space on five floors. Some 360,000 square feet of office space would house Altman and Hooker administrative offices and a number of tenants, said Lloyd Kaplan, a spokesman for Olshan- Kazis Realty Corp., the developer for the project.
The landmark 80-year-old store, which occupies a full block between Fifth and Madison avenues and 34th and 35th streets near the Empire State Building, currently has eight floors on the Fifth Avenue side and 13 on Madison Avenue.
Last month, B.A.T. Industries PLC of Britain announced plans to expand and renovate its flagship Saks Fifth Avenue store as part of the construction of an adjacent office tower.
B.A.T. also said it planned to expand the Saks chain, but Hooker did not make a similar announcement about the six-store Altman chain. The other Altman stores are located in metropolitan New York, New Jersey and Pennsylvania.
Hooker, an Australian retailer and developer, also owns the Bonwit Teller chain.