The owner of a building adjacent to New York’s iconic Saks Fifth Avenue flagship store seeks a permit to convert its office space to residential units. The 38-story building, located at 623 Fifth Ave. between 49th and 50th streets, currently houses Saks on its lower floors, according to Cohen Brothers Realty Corp. The proposed plan involves converting floors 11 and above into 172 residential units averaging 2,000 square feet each, while the bottom 10 floors will remain as Saks retail space. The landmarked Saks flagship, linked to the office building, was constructed about a century ago and is owned by Hudson’s Bay Co.
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