Kering, a leading luxury goods company, has recently acquired a prime retail space on Fifth Avenue for an impressive $963 million. The 115,000-square-foot property is located at the highly coveted intersection of East 56th Street and Fifth Avenue. This three-level retail space is situated at the base of the iconic Corning Glass Building which stands tall at 28 stories.
The previous owner of this prestigious property was Jeff Sutton’s Wharton Properties who had leased it to renowned fashion brands Armani and Dolce & Gabbana. However, with Armani’s lease set to expire soon and Wharton Properties’ recent sale of neighboring properties to Prada for $835 million last month, there are uncertainties about the impact on current tenants.
Eastdil Secured played a key role in advising Sutton throughout these deals. Kering boasts an impressive portfolio that includes globally recognized luxury brands such as Gucci, Saint Laurent, Balenciaga,and Alexander McQueen.This latest acquisition further solidifies their presence in one of New York City’s most sought-after locations – without mentioning any specific names or companies involved.
