Kering Acquires Fifth Avenue Retail Property From Wharton Properties For $963M
715 5th Avenue & 717 5th Avenue
$963,000,000
$4,187/SF
Building Size
115,000 SF
Asset Type
Retail
Closing
Jan 22, 2024
About this deal
AI
In a closed transaction on January 22, 2024, the property located at 715 - 717 Fifth Avenue in Midtown Manhattan was sold. The asset in question is a retail space spanning 115,000 square feet. The sale price for this property was a staggering $963,000,000, resulting in a price per square foot of $8,374.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $963,000,000
The buyer in this deal was Kering, while the seller was Wharton Properties represented by Jeff & Joe Sutton. The brokers involved in facilitating the transaction were Will Silverman and Gary Phillips from Eastdil Secured.
This significant transaction demonstrates the strong demand for retail properties in the thriving market of Midtown Manhattan.
On the Map
$963,000,000
$4,187/SF
Retail
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Players
Brooklyn Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93