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Gucci Owner Kering Buys NYC Fifth Avenue Retail Space for $963 Million

Gucci Owner Kering Buys NYC Fifth Avenue Retail Space for $963 Million

by Phil Hall | Jan 22, 2024 | Commercial Real Estate News, Current News & Events, Real Estate News, WRE News Exclusive

Kering (OTC:PPRUY), the French luxury group that owns the Gucci, Saint Laurent and Alexander McQueen brands, has acquired a multi-level retail space on New York City’s Fifth Avenue. The company paid $963 million for the 715-717 Fifth Ave. property on the southeast...
Camber Property Group Offers Updates on Two NYC Projects

Camber Property Group Offers Updates on Two NYC Projects

by Phil Hall | Dec 22, 2023 | Current News & Events, Real Estate News, U.S. Housing Market, WRE News Exclusive

Camber Property Group, a developer of affordable housing complexes in New York City, has announced updates on two of its ongoing projects. The company kicked off the first two phases of a $1 billion mixed-use 100% affordable development known as Stevenson Square in...
After 26 Years of Renting, Prada Buys Its Flagship NYC Store Property

After 26 Years of Renting, Prada Buys Its Flagship NYC Store Property

by Phil Hall | Dec 20, 2023 | Commercial Real Estate News, Current News & Events, Real Estate News, WRE News Exclusive

After leasing its flagship store on New York City’s Fifth Avenue since 1997, the luxury retailer Prada (OTC:PRDSF) is paying $425 million to buy the property. Reuters reported Prada will take ownership of the five-story store and its accompanying seven-story office...
Bankrupt Austrian Company May Be Forced to Sell Stake in NYC’s Chrysler Building

Bankrupt Austrian Company May Be Forced to Sell Stake in NYC’s Chrysler Building

by Phil Hall | Dec 19, 2023 | Commercial Real Estate News, Current News & Events, Real Estate News, WRE News Exclusive

An Austrian real estate company that owns a stake in New York City’s Chrysler Building may have to sell its holding in the iconic skyscraper as part of a bankruptcy restructuring. The Wall Street Journal reported an Austrian court-appointed insolvency administrator of...
St. Patrick’s Cathedral Sells Air Rights to Ken Griffin

St. Patrick’s Cathedral Sells Air Rights to Ken Griffin

by Phil Hall | Dec 13, 2023 | Commercial Real Estate News, Current News & Events, Real Estate News, WRE News Exclusive

New York City’s landmark St. Patrick’s Cathedral is in a contract to sell some of its air rights to hedge fund executive Ken Griffin. Bloomberg reported Griffin, the CEO of Citadel LLC, is partnering with Vornado Realty Trust and Rudin Management on the creation of a...
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