NEW YORK | 715-717 5th Ave | FT| FLOORS

[ChiND]

Could we be getting another tower?


https://www.reuters.com/world/europe...ay-2025-06-05/

Exclusive: Gucci owner Kering in talks to sell stake in $1 billion Fifth Avenue property, sources say





By Elisa Anzolin and Mathieu Rosemain
June 5, 2025

Gucci owner Kering (PRTP.PA), opens new tab is in exclusive talks with buyout group Ardian about the sale of a stake in a prestigious Fifth Avenue building it bought just over a year ago, two people with direct knowledge of the matter told Reuters.

Kering, controlled by family of CEO Francois-Henri Pinault, bought 715-717 Fifth Avenue in January 2024 for $963 million to secure a top retail location in one of the world's most popular shopping streets.

The property stretches over 115,000 square feet across several stores.

The New York property discussions are also about the sale of a stake, said the sources, declining to comment on the value of the possible transaction or size of the stake under discussion.

"We continue to work not to resell these assets, but to sell part of them and have a co-shareholder," Duplaix told shareholders in April. He added that the properties in Milan's Via Montenapoleone and on the Fifth Avenue were among the buildings under discussion, as well as real estate in Tokyo.

Duplaix said that maintaining a presence in the main shopping streets was essential for Kering's brands, which also include Balenciaga and Saint Laurent.

Kering's net debt soared to 10.5 billion euros ($12 billion) by the end of 2024, from close to zero three years earlier, following a shopping spree that saw roughly 4 billion euros spent on top properties in New York, Milan and Paris.

[Busy Bee]

[...] on the Fifth Avenue [...]

I love this.

[NYguy]

Just FYI, if starting a thread, provide more than just a link.