NEW YORK CITY-Owner of global luxury goods companies, Richemont, snapped up retail and condo space at the St. Regis Hotel on Fifth Avenue for the tidy sum of $375 million. According to a report in Real Estate Alert, this is triple the sale price of the block three years earlier.
Locally based Crown Acquisitions, the Feil Organization and Goldman Properties sold the property without the use of a broker, the news organization reported. None of the companies were willing to comment on the transaction.
Richemont's diamond-encrusted interests include Cartier, Van Cleef & Arpels and Montblanc; it can be safely assumed that the company will be bringing a little more bling – in the most classy way imaginable, of course - to Fifth Avenue. And if further indication was needed Richemont was able to pay for $15,000 per square foot price tag for the 24,800 square foot condo space above the St. Regis flaghip hotel property.
This does, however, prompt speculation about just what retailers Richemont will bring to its newly-acquired space at 2, East 55th Street and the undoubtedly high-end shopping district with which Crown Acquisitions, at least is familiar. Included in a partnership between Kushner Cos. and the Carlyle Group, the trio sold retail space at 666 Fifth Ave. to Vornado back in July for $707 million.
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