Gucci Owner Acquires Fifth Avenue Building for $963M
TL;DR Summary
Jeff Sutton, along with SL Green, sold the retail portion of 715-717 Fifth Avenue to Kering, the owner of luxury brands like Gucci, for $963 million. This sale follows Sutton's recent sales of neighboring properties to Prada, marking one of the largest deals in New York City in 2023. The sale allows Sutton to settle a foreclosure initiated by New York Life Insurance, putting behind a dispute over a defaulted loan. Sutton's early investments in Fifth Avenue have proven lucrative, making him a billionaire, and Kering's acquisition aligns with its strategy of purchasing prime assets worldwide.
Topics:business#commercial-real-estate#fifth-avenue#jeff-sutton#kering#new-york-city#real-estatecommercial-property
- Jeff Sutton Sells Fifth Avenue Building to Gucci Owner for $963M The Real Deal
- Gucci Owner Buys Fifth Avenue Property in New York City for $963 Million The Wall Street Journal
- Gucci Owner Buys NYC Building on Fifth Avenue for $963 Million Bloomberg
- Gucci owner buys Fifth Avenue building for $963 million Crain's New York Business
- Acquisition of prestigious Fifth Avenue property in New York City Kering
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