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Gucci Building’s Upper Floors Trade for Redevelopment
A partnership including developer Michael Shvo, along with Deutsche Finance Group and BLG Capital, has acquired the vacant upper floors of the former Gucci Building at 685 Fifth Ave. for a reported $135 million. The sale of 685 Fifth’s 100,000-square-foot office component doesn’t include the lower-level retail.
Crain’s New York Business reported last year that co-owners GGP and Thor Equities had put the entire property on the market for $500 million. The New York Post recently reported that the new ownership of 685 Fifth’s upper floors plans to add five floors for a luxury residential condominium, and possibly a hotel.
“685 Fifth Avenue is an iconic piece of real estate in an irreplaceable location, and I am very excited about its potential for redevelopment,” said CIO Sven Neubauer of Deutsche Finance. The partnership raised $155 million of equity for the acquisition and development, and will seek $100 million of debt.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
