Jeff Sutton sells 717 Fifth Ave to Gucci for $963M

French group Kering, the brand behind luxury houses like Gucci, Saint Laurent and Balenciaga, is investing a whopping $963 million in prime New York City property, the company said in a press release Monday.

(Kering is a French-based multinational corporation specializing in luxury goods. It owns the brands Gucci, Balenciaga, Bottega Veneta, Yves Saint Laurent, Creed and Alexander McQueen. The timber-trading company Pinault S.A. was founded in 1962, by François Pinault)

 

(Gucci bought the retail property for a whopping $963 million.ZUMAPRESS.com)

 

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“With this transaction, Kering acquires exceptional retail locations on one of the world’s most iconic avenues,” Kering said in the statement. “This investment represents a further step in Kering’s selective real estate strategy, aimed at securing key highly desirable locations for its Houses.”

 

(Armani at 717 Fifth Ave. The purchase accelerates the trend of major retailers buying Midtown Fifth Avenue properties for their own use.Elizabeth Lippman)

 

The property will span 115,000 square feet (10,700 square meters), and will be located on Manhattan's famed Fifth Avenue, across from Trump Tower. Some of the other high-end retailers located in the vicinity include Cartier, Louis Vuitton and Tiffany & Co.

The retail titan and SL Green sold the retail portion of 715-717 Fifth Avenue for $963 million to Kering.

(Jeff Sutton (born 1960) is an American billionaire real estate developer and the founder of Wharton Properties)

The deal comes just weeks after Sutton sold 724 Fifth Avenue to Prada, a building that houses its flagship store, for $425 million, and neighboring 720 Fifth for $410 million. The combined sale marked one of the largest deals in New York City in 2023.

It is not clear how the sale will impact the building’s current tenant, Armani boutique and restaurant at 717 Fifth.

Another fashion rival, Dolce & Gabbana, also has a large store at the location.

“Note that most of the buyers are foreign companies,” Cushman & Wakefield retail power-broker Joanne Podell said. “Maybe because in Europe, they buy long-term interests in retail properties. They don’t have to deal with lease expiration dates. Of course there is innate value in buying on the most important retail street in the world.”

Ref: Jeff Sutton sells 717 Fifth Ave to Gucci for $963M (finance ,therealdeal )

Photo Credit: (nypost)