Shvo, partners to convert 685 Fifth Avenue into Mandarin Oriental condos

Office portion of building will give way to 69 condos

TRD New York /
Feb.February 14, 2019 06:00 AM

Michael Shvo and 685 Fifth Avenue (Credit: Google Maps)

Developer Michael Shvo and two partners have received the green light to convert the office portion of 685 Fifth Avenue into residential condominiums.

Mandarin Oriental Hotel Group has signed on to manage the residential condominiums, which would span 25 floors across the building, The Real Deal has learned. The conversion would redevelop 100,000 square feet of office into 69 luxury condominiums, and is expected reopen in 2021.

Shvo partnered with Turkish development firm BLG Holdings, led by Serdar Biligili, and Deutsche Finance on the deal. The development has received approval to add five floors to the building, bringing the total to 25, the development team said.

A projected sellout for the project was not immediately available. The developers have been on the hunt for $100 million financing to fund the project.

Last year, Shvo and partners BLG Capital and Deutsche Finance America bid on the building, and locked in a contract for the same price Shvo offered in 2015, $135 million. The partners paid cash for the site last year.

The 1920s-era building previously served as the global headquarters for fashion brand Gucci.

Earlier this week, Tommy Hilfiger sold the Raleigh Hotel in Miami Beach to Shvo’s partnership for $103 million. At $1.24 million a key, it’s one of the most expensive hotel sales on a per-room basis in Miami-Dade County.


Related Articles

arrow_forward_ios
Carmel Partners CEO Ron Zeff (JLL)

Carmel Partners sells Norwalk apartment complex valued at $157M

Carmel Partners sells Norwalk apartment complex valued at $157M
From left: 180 West 81st Street in Upper West Side, 15-30 130th Street in College Point; 5002 13th Avenue in Borough Park (Google Maps)

Manhattan sees first September i-sale with UWS mixed-use building

Manhattan sees first September i-sale with UWS mixed-use building
Knotel CEO Amol Sarva and Sprinklr CEO Ragy Thomas with 29 West 35th Street (Sarva via Sasha Maslov; Getty; Google Maps)

Manhattan landlords sue Knotel, Sprinklr for missing rent

Manhattan landlords sue Knotel, Sprinklr for missing rent
(iStock)

Is winter coming? Real estate stocks dragged down by 4th week of market decline

Is winter coming? Real estate stocks dragged down by 4th week of market decline
From left: Michael Fuchs, Aby Rosen, Brandon Singer and Michael Cody (Getty, iStock)

Aby Rosen, Michael Fuchs back new retail brokerage

Aby Rosen, Michael Fuchs back new retail brokerage
Companies are relying on surveys and other data points to determine who will come back to offices first. (iStock)

How do companies decide who should return to offices first? It’s tricky

How do companies decide who should return to offices first? It’s tricky
UDR President Jeffrey Davis, AvalonBay Timothy Naughton Equity Residential's Sam Zell (LinkedIn; AvalonBay; Getty)

Investors bank on urban real estate comeback

Investors bank on urban real estate comeback
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...