Inside the St. Regis, retail condo trades for $375M
A 24,800-square-foot retail condominium at the St. Regis hotel has traded for $375 million, more than triple what it last sold for in 2009, Real Estate Alert reported.
Swiss luxury retailer Richemont bought the space from a partnership that includes Crown Acquisitions, the Feil Organization and Goldman Properties, Real Estate Alert said. The price represents a value of more than $15,000 per square foot.
The space, on Fifth Avenue near 55th Street, is currently occupied by retailers such as South African diamond purveyor DeBeers and Italian leather goods concern Bottega Veneta. Globe Street surmised that Richemont, parent company of rival diamond seller Van Cleef and Arpels, intends to open a retail store in part or all of the space once the leases are up. [Real Estate Alert and Globe St.] –Guelda Voien