NEW YORK | 1 East 57th St (Louis Vuitton) | FT | FLOORS - Page 3

NYguy · #41 Posted **Apr 22, 2024, 1:13 PM**

Apparently there were plans for another tower nearby, which won’t happen now…

https://nypost.com/2024/04/21/real-e...h-gucci-prada/

By Lois Weiss
April 21, 2024

Quote:

Sutton’s strategy through the years was to control the supply of the “micro markets” within the top retail streets, to shift the supply-and-demand curve towards the owners. As an example of this, he purchased three of the eight coveted corners along Fifth Avenue, between 56th and 57th streets: 720 Fifth, the Crown Building at 730 Fifth and 717 Fifth.

Four of the other corners were already owned by their tenants: Bergdorf Goodman, Tiffany, Louis Vuitton and Harry Winston. The other non-Sutton corner was on a long-term lease to Kering’s brand, Gucci, at Trump Tower at 725 Fifth Ave.

In 2016, Sutton rented one of his Crown Building corners at West 57th Street to Bulgari for a whopping rent of $5,500 per foot, reinforcing his belief that controlling a scarce commodity would eventually pay big dividends. But looking into the future, Sutton sold floors four through 26 in the Crown Building to billionaire Vlad Doronin who would transform it into the luxurious Aman Hotel and Residences there.

The Post discovered that was because Sutton had been planning to redevelop his two adjacent Fifth Avenue buildings at 720 and 724 into a luxury tower designed by Bjarke Ingels with Central Park views that would use the Aman name and amenities. Those plans are now unlikely to be realized.

ChiND · #42 Posted **Apr 22, 2024, 2:02 PM**

Weren’t the two sites mentioned in the article recently bought by Prada? Considering the amount of money they paid, I envision Prada-branded condos and a hotel.

Busy Bee · #43 Posted **Apr 22, 2024, 2:25 PM**

724 Fifth before the base was butchered:

https://images.nypl.org/index.php?id=5652385&t=w

ChiND · #44 Posted **Apr 22, 2024, 2:26 PM**

Very sad. Since it has been destroyed, I fully support a new tower on that site.

Crawford · #45 Posted **Apr 22, 2024, 4:53 PM**

I hope that site gets a major new residental tower. I'd prefer not using Bjarke Ingels, tho. This site deserves something more contextual and timeless.

ChiND · #46 Posted **Apr 22, 2024, 4:56 PM**

Quote:

Originally Posted by Crawford

I hope that site gets a major new residental tower. I'd prefer not using Bjarke Ingels, tho. This site deserves something more contextual and timeless.

I agree. I like BIG, but a RAMSA would be great here.

NYguy · #47 Posted **Apr 22, 2024, 5:07 PM**

Quote:

Originally Posted by Crawford

I hope that site gets a major new residental tower. I'd prefer not using Bjarke Ingels, tho. This site deserves something more contextual and timeless.

I'm not sure which tower you are referencing, but the Ingles plan was not for this site.

ChiND · #48 Posted **Apr 22, 2024, 5:20 PM**

Quote:

Originally Posted by NYguy

I'm not sure which tower you are referencing, but the Ingles plan was not for this site.

Wasn’t the BIG plan for the site that Prada just bought? Presumably, they will develop the site considering the enormous price they paid.

NYguy · #49 Posted **Apr 23, 2024, 12:50 AM**

Quote:

Originally Posted by ChiND

Wasn’t the BIG plan for the site that Prada just bought? Presumably, they will develop the site considering the enormous price they paid.

Opposite side and about a block from this corner.

Quote:

The Post discovered that was because Sutton had been planning to redevelop his two adjacent Fifth Avenue buildings at 720 and 724 into a luxury tower designed by Bjarke Ingels with Central Park views that would use the Aman name and amenities.

ChiND · #50 Posted **Apr 23, 2024, 1:09 AM**

The Post article says:

“The Post discovered that was because Sutton had been planning to redevelop his two adjacent Fifth Avenue buildings at 720 and 724 into a luxury tower designed by Bjarke Ingels with Central Park views that would use the Aman name and amenities. Those plans are now unlikely to be realized.”

Those are the buildings just south of the Crown Building that Prada bought.

I’m curious what’s going on with this trio, which I believe are commonly-owned, and two of them are empty. I wonder who owns 1 E 53rd. I can’t figure it out from ACRIS.

NYguy · #51 Posted **Apr 23, 2024, 4:40 AM**

^ Yes, that's what I said.

Quote:

a luxury tower designed by Bjarke Ingels

Ingels isn't designing the tower on this site (as far as we know).

Anyway, here's an overview of the area, and the sites in relation to one another...

ChiND · #52 Posted **Apr 23, 2024, 4:46 AM**

Yes. So a new tower should still go up on this site. This site seems to be about the same size as the LVMH site on 57th and also Vornado’s and LeFrak’s site at 31 W 57th.

NYguy · #53 Posted **Apr 23, 2024, 11:00 PM**

Quote:

Originally Posted by ChiND

Yes. So a new tower should still go up on this site. This site seems to be about the same size as the LVMH site on 57th and also Vornado’s and LeFrak’s site at 31 W 57th.

It won't go wasted, especially as that's one of the hottest areas in the city.

ChiND · #54 Posted **Apr 23, 2024, 11:06 PM**

Quote:

Originally Posted by NYguy

It won't go wasted, especially as that's one of the hottest areas in the city.

I agree.

ChiND · #55 Posted **Apr 26, 2024, 3:17 PM**

Further to development in this immediate area, I’m always puzzled by these two, eternally vacant eyesores. One owner owns them and the Microsoft store. I don’t know how long Microsoft’s lease is, but it’s hope that they’re redeveloped. The Microsoft building used to be nice, but it was utterly defiled and now looks like junk.

Photo from Yimby

ChiND · #56 Posted **May 2, 2024, 2:02 AM**

https://www.wsj.com/real-estate/comm...ities-47aa1d55

You Know LVMH for Its Luxury Bags. It’s Also a Titan of Real Estate.
The parent of Louis Vuitton and Dior is buying up real estate to control its brands. It is changing city centers from New York to Miami, Paris to Montreal.
By Deborah AcostaFollow and Kate KingFollow
April 26, 2024 at 9:00 pm ET