Real Estate
Gucci Owner Buys Manhattan Building for $963 Million
- Kering purchases property on Fifth Avenue with retail spots
- Luxury brand owner has also bought properties in France
Kering joins other snapping up buildings in New York instead of leasing space.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Kering SA, the fashion firm that owns Gucci and Balenciaga, purchased a building on Manhattan’s Fifth Avenue for $963 million, the latest massive New York City real estate deal by a global luxury company.
Kering bought 715-717 Fifth Ave., located at the corner of 56th Street, across from Trump Tower, according to a statement Monday. The property spans 115,000 square feet (10,700 square meters) and has multiple levels of retail space.