The Real Deal New York

Swiss buyer closes on St. Regis retail for $380M

October 29, 2012 10:30AM

Daniel Mawicke, President and CEO of Richemont, and the St. Regis Hotel

The deal for a prime retail condominium inside the St. Regis New York hotel has closed for a massive $380 million, according to public records — $5 million more than had been initially reported.

Swiss luxury-goods company Richemont North America, which deals in jewelry, premium watches and accessories, bought the 24,800-square-foot condo from a partnership led by Crown Acquisitions, Goldman Properties and the Feil Organization in a deal that closed October 11, records show.

The company paid $15,100 per square foot for the space. That’s more than three times what the partnership shelled out for the property in 2009, as The Real Deal reported. This year, the average asking rent for ground-floor retail space along the stretch of Fifth Avenue between 50th and 59th streets ,has hovered around $2,750 per square foot, according to previous reports.

The deal was first reported by Real Estate Alert.

Tenants of the property include jewelry giant De Beers and fashion labels Bottega Veneta and Pucci. – Katherine Clarke

  • Raging Realtor

    Its nice to have 380mm to bury somewhere.

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