Sunday, December 21, 2014

Fifth Avenue

New York | Crown Building

The intersection of Fifth Avenue and West 57th is the most coveted retail location and most expensive in all of New York.

Last year, Michael Shvo and Russian billionaire Vladislav Doronin agreed to pay $500 million for 20 floors of the Crown Building at 730 Fifth Avenue, on the corner of 57th Street. Now Shvo has filed plans to convert most of the 26-story office building into condominiums and a hotel.  >> DETAILS

Bergdorff Goodman, Louis Vuitton, and Tiffany's anchor the three other corners to 730 Fifth Avenue which was once owned by former Philippine's president Ferdinand Marcos.

The 400,000 square-foot tower’s tenants include talent and literary agency ICM, private-equity giants KKR and Apollo Global Management and men’s designer Ermenegildo Zegna.   35,000 square feet is retail that includes Bank of America and Piaget along with Bulgari and Mikimoto.
According to recent article in the New York Post the 25 storey Crown Building which was acquired by the Winter and Speitzer family in 1991 for $93.6 million was sold for a staggering $1.75 billion to property owner who already owns the nearby Prada and Abercrombie & Fitch locations.  

Bloomberg reported that most of the office and retail tenants at 730 Fifth are paying rents well below the market.   With about 90% of its leases expire within seven years, there are opportunities to boost the property’s cash flow, Bloomberg reported.

The acquisition of $1.75 billion US is believed to set a world record for a single office building at $4,490 per square foot.  --  2014 December 18

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