The large retail property that used to be the site of a Forever 21 and was called the Takashimaya Building is getting a major renovation in hopes of luring in a new buyer. It's located at 693 Fifth Avenue.

The current owner, Thor Equities, is sinking $5 million into the renovation in hopes of attracting a new occupant. Forever 21 was in the building for quite a while but they only signed short-term leases. The renovation is being done to bring in an occupant that will stay there for a greater length of time.

2,000 square feet will be added to the space as a part of the upgrade. The building itself consists of six floors and has 44,500 square feet. A glass façade, standing three stories, will also be a part of the new version of the building.

The project is slated for completion in September.

(Source)