Connect News Commercial Real Estate news for every market and every facet, every day.
Connect CRE Events Live and virtual events bringing together the best of information and networking.
CRE Industry Events Live industry events.
Connect Creative A full service marketing and PR agency.
Connect Classroom Offering CRE focused continuing education courses on demand.
ApartmentBuildings.com Is a dynamic platform to search for, list and promote multifamily listings nationwide.
Connect Awards View the A-list of commercial real estate & submit nominations.
Connect Media Kit Advertise, Promote, Attend, Create – Work with Connect.
Loantuitive Find the right lender for your loan.
About Connect Meet the team behind the machine and taste a little of the secret sauce.
Connect News

Your source for daily news covering CRE transactions and trends. Stay informed on national, regional and property sector news that matters to your business.

Connect Classroom

Offering on-demand online courses that provide continuing education credits for brokers, attorneys, appraisers and architects. Select from easily accessible video and written courses that cover a variety of CRE topics.

Find Your Course
High-rise commercial buildings

STAY INFORMED

News when you need it. All our Breaking News, right to your inbox.

Sub Markets

Property Sectors

Topics

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.

New York & Tri-State  + Midtown New York  + Retail  |  January 23, 2024
Emily Fu
By: Emily Fu

Kering Scoops Fifth Avenue Retail Property for Near $1B 

Kering has acquired a 115,000-square-foot, three-level retail space at 715-717 Fifth Ave., at East 56th Street on Fifth Avenue, for $963 million. 

Sitting at the base of a 28-story office tower known as the Corning Glass Building, the retail space currently housing Armani and Dolce & Gabbana was sold by Jeff Sutton’s Wharton Properties.  

Armani’s lease at 717 Fifth is set to expire soon, the impact of the sale on the current tenants remains uncertain. Wharton Properties recently sold both 720 Fifth Ave. and 724 Fifth to Prada for a total of $835 million last month. Eastdil Secured advised Sutton on all the deals. Kering’s lines include Gucci, Saint Laurent, Balenciaga, and Alexander McQueen. 

Connect

Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
Order Reprints
  • ◦Sale/Acquisition
New call-to-action
New call-to-action