New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Brookfield Eyes Sale of Luxury Fifth Avenue Retail
Brookfield Asset Management is exploring a potential sale of a Fifth Avenue retail property home to luxury brands Coach, Stuart Weitzman and DJI Hasselblad, Bloomberg News reported. The landlord hired Eastdil Secured to handle talks for the retail portion of 685 Fifth Ave. and is eyeing a price in the $300-million range.
Companies linked to major luxury brands have sought to buy properties on Fifth Avenue in recent months, reported Bloomberg. Gucci’s parent, Kering SA, and Prada-tied entities bought separate retail spots in that area.
The dealmaking has extended beyond luxury brands. Ingka Investments, the investment arm of the largest Ikea retailer, is taking a stake in the under-development 570 Fifth Ave. Earlier this year, Uniqlo agreed to buy its store space at 666 Fifth Ave.
The deals show that the momentum “has gone from being uniquely luxury phenomenon to an ‘Everybody wants Fifth Avenue’ phenomenon,” Will Silverman, a managing director at Eastdil who has advised on several large Fifth Avenue property transactions, told Bloomberg.
- ◦Sale/Acquisition
