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CIM Loan Advances Mandarin Oriental Project at 685 Fifth Ave.
A joint venture led by SHVO, Bilgili Group and Deutsche Finance closed on a $120-million construction loan provided by CIM Group for the adaptive re-use of 685 Fifth Ave. The building will become home to the Mandarin Oriental brand’s first standalone residences in the Americas, while its lower floors will remain retail space.
Once the headquarters of Gucci, the Beaux Arts 685 Fifth was originally built in 1928 and was known as the Dorothy Gray Building, after one of the 1920s’ cosmetics pioneers.
Upon completion of the redevelopment, anticipated for 2021, 685 Fifth will contain 69 Mandarin Oriental residences. Restoration and development of the building is currently underway, with 10 additional floors being added to the tower.
SHVO led the acquisition of 685 Fifth’s upper floors from Brookfield for a reported $135 million in 2018. The property’s lower floors house retailers such as Coach, Staurt Weitzman and Tag Heuer.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
