Manhattan's Takashimaya building to undergo major renovation

The Takashimaya building, on Fifth Avenue in Manhattan that recently sold for $142 million, will undergo $40 million to $60 million in renovations. The owner, Thor Equities, wants to change the facade and expand the ground-level space to attract more retail. The building's premium location means the company could attract retailers willing to pay $2,500 per square foot, says Faith Hope Consolo, with Prudential Douglas Elliman.

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