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717 Fifth Avenue

717 Fifth Avenue
New York, NY 10022
Website
Office, Retail, Leasing/Rental

717 Fifth Avenue, also knowns as the Corning Glass Works Building and the Merrill Lynch Financial Center, is a 25-story, 357-foot office skyscraper in Midtown, Manhattan. It was designed by Harrison & Abramovitz architects in the international style. The building was completed in 1958. The lobby features a mural painted by Bauhaus artist Josef Albers. The building contains 468,000 square feet.

The tower is majority owned by the Blackstone Group, with minority stakes held by Jeff Sutton and SL Green, who own ground floor retail condominiums whose tenants include Armani and Dolce & Gabana. At the time of joint venture acquisition in 2006, SL Green had 32.75% ownership. However, SL Green now maintains a 10.92% stake at 717 Fifth Avenue, the majority of their stake having been bought out by Sutton in 2012.

Office tenants at the address include Andrew Farkas Island Capital Group, Merrill Lynch/Bank of America, and JC Flowers.

-WP

  • Address 717 Fifth Avenue
  • neighborhood Midtown
  • borough Manhattan
  • owner Blackstone Group, Wharton Properties, SL Green
  • architect Harrison & Abramovitz
  • height in feet 357
  • floors 26
  • Year Built 1958
  • square feet 468,000
  • block and lot 1-01291-7501
  • BIN 1035776
Condominium Units+
  • Event Retail Leasing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 18,400
notes
The fashion house signed a 15-year lease. The space was previously occupied by Escada.
  • Event Office Leasing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 8,350
  • Price per foot $ 150.00
notes
The investment firm signed a 10-year expansion lease for the entire 21st floor. The company already occupies the entire 26th floor.
  • Event Financing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 115,630
notes
A $285 million loan over a five-year, interest-only term was provided for the refinancing of the retail condo. retail condo
  • Event Retail Leasing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 40,000
notes
The fashion retailer inked a 15-year lease for its flagship store in the four-level retail condominium. The space was formerly occupied by Hugo Boss.
  • Event Sales
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Price $ 200,000,000
notes
In a buyout, the developer paid $200 million for the interests of two of his partners. The condo is located on the first four floors of the building. Office space on floors five through 26 is owned by Equity Office Properties.
  • Event Office Leasing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 16,000
  • Publication Date 07/01/2006
  • Event Date 05/22/2006
  • Party 1 Equity Office
  • Party 1 Brokerage Cushman & Wakefield
  • Party 1 Broker Louis Louis D'Avanzo
  • Party 2 Corsair Capital
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Alexander Chudnoff, Steven Bauer
notes
The private equity firm is relocating from temporary space at 450 Lexington Avenue.
  • Event Retail Leasing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 3,700
  • Publication Date 01/01/2006
  • Event Date 11/22/2005
  • Party 1 Donald O'Lenick, Llloyd Goldman's BLDG Management
  • Party 2 Oxxford Clothes
  • Party 2 Brokerage Murray Hill Properties
  • Party 2 Broker Robert Nager, Alyne Model, Bruce Goodman
notes
Menswear retailer will be moving into the former Chait Gallery space from 36 East 57th Street.
  • Event Retail Leasing
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 4,629
  • Publication Date 01/01/2005
  • Event Date 11/22/2004
  • Party 2 Pax
  • Party 2 Brokerage CBRE
  • Event Sales
  • Address 717 Fifth Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Square feet 450,570
  • Price $ 350,000,000
  • Price per foot $ 776.79
  • Publication Date 08/01/2004
  • Event Date 06/22/2004
  • Party 2 Equity Office, Feil Org., L. Goldman, J. Sutton and S. Chera
notes
Sam Zell~~#s Equity Office REIT buying office portion and others are buying retail portion

09/01/2017
Wharton Properties, headed by Jeff Sutton, came  in at No. 2 on that list, with $361.9 million in revenue from 2 million square feet in property, including trophy towers like 717 Fifth Avenue and 650 Fifth Avenue...

07/01/2016
The firm â€' which broke a record last year when it plunked down nearly $2 billion for the Waldorf Astoria â€' bought the office portion of 717 Fifth Avenue from the private equity firm Blackstone Group for $415 million in May.  The 350,000-square-foot space, which is anchored by Merrill Lynch, sits atop a retail condo owned by Jeff Sutton and SL Green Realty, which is home to a massive 18,400-square-foot Dolce & Gabbana store...

12/01/2014
Several of his deals were buying out a portion or all of SL Green’s stake, including at 717 Fifth Avenue for $618 million...

05/01/2014
Clocking in at No. 3 on the ranking is an 80,834-square-foot retail condo unit, owned by Sutton and SL Green, at 717 Fifth Avenue...

12/01/2011
Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not Click to enlarge Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it's not...