NEW YORK | 715–717 Fifth Avenue | FT | FLOORS

[ChiND]

With the massive amount of redevelopment in Fifth, I suspect that this huge deal portends the redevelopment of this shlocky tower.


CoStar

https://www.connectcre.com/stories/kering-sells-majority-stake-in-fifth-avenue-retail-for-us690m/
Kering Sells Majority Stake in Fifth Avenue Retail for US$690M

Gucci owner Kering has sold a 60% stake in 715-717 Fifth Ave. to private equity firm Ardian. With Ardian paying $690 million for a majority interest in the property, 715-717 Fifth is valued at $900 million, down from the $963 million Kering paid in 2024.

Under terms of the agreement announced Tuesday, Kering is contributing the multi-level, 115,000-square-foot Fifth Avenue retail property to a newly created joint venture with Ardian. The two companies executed a similar arrangement earlier this year, with Kering selling a majority stake in three of its Paris real estate assets to Ardian for €837 million, or approximately US$984 million.

https://www.reuters.com/business/luxury-...alise-new-york-property-deal-2025-12-16/

Kering sells majority stake in New York property in $900 million deal
By Reuters
December 16, 2025

PARIS, Dec 16 (Reuters) - Kering (PRTP.PA), opens new tab, the owner of luxury brand Gucci, said on Tuesday it had agreed to sell a 60% stake in a prime New York property to private equity firm Ardian, raising $690 million in cash.
The deal, first reported by Reuters in June, comes as Kering seeks to cut debt and protect its credit rating.

Kering will contribute the property at 715-717 Fifth Avenue to a newly created joint venture with Ardian, while retaining a 40% stake, the group said.