The Real Deal New York

Share of Fifth Avenue townhouse sells for $62M

July 01, 2008 04:05PM
By Adam Pincus

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A 50 percent interest in a five-story commercial townhouse on Fifth Avenue that is home to the famous Harry Winston jewelry store was sold for $62 million to the real estate developers Paramount Group.

Prior to the sale of the 16,200-square-foot building at 718 Fifth Avenue, it was owned in equal parts by brothers Ronald and Bruce Winston, sons of diamond dealer Harry Winston, who died in 1978. The sale appeared in city property records published today.

The property is adjacent to a 52-story office tower at 712 Fifth Avenue which is owned by the Paramount Group and home to Henri Bendel.

Ronald Winston announced his retirement as an executive from jeweler Harry Winston Inc. in May.

Neither Winston nor a spokeswoman for Paramount Group was immediately available to comment.

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