Background in the
Ladies' Mile shopping district B. Altman and Company originated from a store on the
Lower East Side operated by the Altman family. The store was solely owned by
Benjamin Altman and was located at
Third Avenue and
10th Street by 1865. By the 1870s, stores were being established between
14th and
23rd Streets in the
Ladies' Mile area, including B. Altman and Company, which opened a store at
Sixth Avenue between 18th and 19th Streets. Altman's Sixth Avenue store occupied a site in the 1870s; by the mid-1890s, the store had expanded to cover the entire width of the block on Sixth Avenue. In addition, Altman did not own any of the land under his Sixth Avenue store; instead, he leased it from two separate sets of owners. and many stores on that avenue were situated inside rebuilt 19th-century residences.
New building Initial land acquisition Benjamin Altman began acquiring land for his Fifth Avenue store in 1895 or 1896, when he obtained a four-story building at the southwest corner of Fifth Avenue and 35th Street. Altman initially did not reveal the purpose of these purchases, All of these properties were acquired from separate owners, none of whom knew that Altman was buying other properties on the block. Altman was initially unable to acquire some
holdout properties, as many owners "declined even to entertain offers" and some lessees "became as violent obstructionists as the owners themselves". The
Real Estate Record at the time characterized Altman's plans as having been "an open secret for some years". Trowbridge and Livingston were formally selected as architects the next month. A representative for B. Altman and Company indicated that the Fifth Avenue section of the building would be completed first, followed by the Madison Avenue section. At the time, the structure was planned to cost $2.5 million; The same month, he paid a combined $515,000 for two houses at 3 and 5 East 34th Street. This gave him control of nearly the entire block, except the corner of Fifth Avenue and 34th Street, and the Madison Avenue frontage. That May,
The New York Times reported that the row house at Fifth Avenue and 34th Street was still being leased by art dealer
Knoedler. The lease did not expire for "five or six more years" and negotiations between Knoedler and Altman had reached an impasse. Additionally, there were several incidents during construction. Three workers were killed and several were injured in a December 1905 dynamite explosion, and there was an attempt the same month to sabotage the building's hoisting engines. In January 1906, a worker was killed and six others were injured when a girder fell from the eighth floor. In anticipation of the new store's opening, Altman sold the old Sixth Avenue store in April 1906. The first section of the Fifth Avenue building was opened on October 15, 1906, with entrances on 34th Street, 35th Street, and Fifth Avenue; the previous store on Sixth Avenue was closed at that time. Although the original design entailed developing Knoedler's holdout lot, the initial section of the building wrapped around the lot. The section at the corner of Fifth Avenue and 34th Street opened in September 1911. After the second section opened, the building had a floor area of . Two landowners, Margaret A. Howard and
William Waldorf Astor, owned the remaining sites on Madison Avenue. paying $750,000 for three lots that Howard had bought for $190,000 two decades previously. He also took a long-term lease from Astor, who was generally averse to selling off his family's land. When Altman died in October 1913, the buildings on Madison Avenue were being torn down. He bequeathed all of his property (including the Fifth Avenue store) to his company, of which all
capital stock was to be held by the Altman Foundation, essentially transferring the building to the foundation. The final section on Madison Avenue opened on October 5, 1914.
Flagship operation During Benjamin Altman's life, there had never been any exterior signage advertising the store, out of respect to people who lived nearby. The facade was renovated in 1936 after some of the limestone had deteriorated. Parts of the original facade were replaced with simplified designs; for instance, portions of the cornice on 34th and 35th Streets were removed. Alteration plans for the building were filed in 1938, with an estimated cost of $250,000. The renovations, in preparation for the
1939 New York World's Fair, involved the removal of the rotunda for additional selling space, as well as new departments designed by
H. T. Williams. In 1940, Altman's reopened its refurbished third floor, and six departments were added to the Fifth Avenue side, in what was referred to as the "Fifth Avenue Walk". Rumors of a new structure on the site started circulating in 1970, to which Altman's distributed letters announcing their intention to stay in the same location. The
New York City Landmarks Preservation Commission (LPC) started considering the building for landmark status in 1982. In November 1984, the store's owner Altman Foundation indicated its intention to downsize the Altman's location and sell off the upper floors at the Madison Avenue end to an investment syndicate, which would convert the space to residences and offices. The downsizing was required because of New York state legislation that forced the Altman Foundation to divest of some of its business holdings or pay a fine. The plans entailed removing of retail space on each of seven floors, but these removals did not occur. The syndicate that owned the building, KMO-361 Realty Associates, was named for the initials of its
principals, Earle W. Kazis,
Peter L. Malkin, and Morton L. Olshan, as well as the building's Fifth Avenue address. The chain was acquired by
L.J. Hooker in 1987, but KMO-361 continued to own the real estate. In November 1987, KMO-361 announced plans to add six floors at the Madison Avenue end of the building. The store would occupy on the lowest five floors and there would be of office space on the upper floors.
Hardy Holzman Pfeiffer Associates would also remodel the facade details to their original design, add an entrance pavilion along Madison Avenue, and add a roof pavilion above the main eight-story store. The LPC approved the expansion plans in 1988. Neighbors raised concerns that the Madison Avenue office addition would cast excessive shadows. The second floor of the store, which contained the fashion department, was remodeled in 1988. The project was planned to be the first phase of a total renovation of the building. The renovation stalled due to Altman's financial issues. By that November, the flagship was set to close. The building had been placed at auction for one month, but no bidders made an offer for the building. Altman's liquidated its merchandise, and the store within the building permanently closed on December 31, 1989. In late 1991, KMO proposed that of the building be converted to the New York Resource Center, a furniture and appliances showroom. Another would be used by the
New York Public Library (NYPL), which would open the Science, Industry and Business Library (SIBL) there. The New York Resource Center plans were ultimately postponed indefinitely because of a lack of interest in the project. Richard P. Steinberg, one of Olshan's partners, stated in 1994 that three "significant" museums and two educational institutions had expressed interest in the building, though there was no definite commitment. and
J. C. Penney. Nearby,
Oxford University Press was looking to move from their space at
200 Madison Avenue. and OUP contracted to buy a five-floor condominium the following January. Starting in 1996, the exterior was restored by
Hardy Holzman Pfeiffer and the interior reconfigured by
Gwathmey Siegel & Associates. The OUP offices were designed by Hellmuth, Obata & Kassabaum. CUNY was scheduled to move the Graduate Center there in late 1999, but the relocation was delayed due to setbacks in construction. The CUNY Graduate Center moved to the B. Altman Building in 2000. In 2012, because of the NYPL's budgetary issues, the library arranged to sell off five of the upper floors that it had used as office space. The NYPL's eight-floor condominium was divided four ways in 2012, and the five upper floors were sold that year for $60.8 million to the Church Pension Fund. The same year, it sold the remaining office condominium unit to Seattle developer
Vulcan Inc., headed by
Paul Allen, for $93 million. The SIBL was permanently closed after the Mid-Manhattan Library reopened in 2020 as the Stavros Niarchos Foundation Library, OUP moved out of the building in 2023 and, two years later, sold its space in the building to an investment group for $40 million. == Impact ==