The French conglomerate Kering, the world’s number 2 luxury goods company, has purchased a building on the famous Fifth Avenue for the tidy sum of $963 million.
Kering invests in New York
The French luxury giant Kering, owner of Gucci and Yves Saint Laurent, has decided to invest in New York real estate. 715-717 Fifth Avenue, measuring more than 10,000 square meters, was purchased for $963 million. “This investment represents a new step in Kering’s selective real estate strategy, aimed at securing key and highly desirable locations for its Maisons”, declared a press release from the tricolor group. Record real estate sales seem to be resuming in Manhattan, particularly for large groups who prefer to invest rather than rent commercial space. Prada chose to buy two buildings on Fifth Avenue last month for $835 million.
2024-01-23 19:35:47
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