Kering Acquires Retail Space At 717 Fifth Avenue In Midtown Manhattan For $963M
717 5th Avenue
$963,000,000
$8,373/SF
Building Size
115,000 SF
Asset Type
Retail
Closing
Jan 22, 2024
About this deal
AI
Kering, a Paris-based fashion brand, has acquired the 115,000-square-foot retail space located at 717 Fifth Avenue in the Plaza District of Midtown Manhattan. The property, sold by Jeff Sutton of Wharton Properties for a whopping $963 million, is a significant addition to Kering's portfolio.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $963,000,000
- Square Footage: 115,000
- Price per Square Foot: $8,374
- Address: 717 Fifth Avenue
- Market: Midtown Manhattan
This high-profile transaction involves key individuals and companies. Kering, represented by their team, successfully negotiated the deal with Wharton Properties, specifically Jeff Sutton and Joe Sutton, who acted as the sellers. The acquisition further solidifies Kering's presence in the fashion and retail industry.
On the Map
$963,000,000
$8,373/SF
Retail
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Players
New York 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