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New York & Tri-State  + Midtown New York  + Retail  | 

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. 

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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.

  • ◦Sale/Acquisition
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