The 24,700-square-foot retail space in the St. Regis New York was recently sold to a three-way partnership of property managers for $117 million, according to a press release. GFC Fifth Avenue, which is comprised of Crown Acquisitions, Goldman Properties and the Feil Organization, bought the property, located at 2 East 55th Street at Fifth Avenue, from Starwood Hotels & Resorts Worldwide. The space currently houses luxury retailers such as Bottega Veneta, Pucci and De Beers. GFC has six other retail properties along Fifth Avenue's Midtown corridor, including 666 Fifth Avenue and 590 Fifth Avenue.
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Comments
Anonymous
stupid deal. so 2007
Comment #1 Posted By: Anonymous 11/05/09
Anonymous
Why is it stupid? This is how it works. Crown bribes a guy at starwood to sell him the space and then he bribes both a broker and a retail tenants real estate guy to sign a lease at above market rents. The Syrians call it "Bachsheesh" This is a fact.
Comment #2 Posted By: Anonymous 11/05/09
Anonymous
What the heck are you talking about? One of the stupidest things ever written.
Comment #3 Posted By: Anonymous 11/05/09
Anonymous
I am surrounded by a league of morons! The top 2 above!
Comment #4 Posted By: Anonymous 11/05/09
Anonymous
This is just what the market place needed. They capitalized on Starwoods need to deal with their liquidity issues. Bravo !
Comment #5 Posted By: Anonymous 11/06/09