NEW YORK CITY-Owner of global luxury goods companies, Richemont, snapped up retail and condo space at the St. Regis Hotel on Fifth Avenue for the tidy sum of $375 million. According to a report in Real Estate Alert, this is triple the sale price of the block three years earlier.

Locally based Crown Acquisitions, the Feil Organization and Goldman Properties sold the property without the use of a broker, the news organization reported. None of the companies were willing to comment on the transaction.

Richemont's diamond-encrusted interests include Cartier, Van Cleef & Arpels and Montblanc; it can be safely assumed that the company will be bringing a little more bling – in the most classy way imaginable, of course - to Fifth Avenue. And if further indication was needed Richemont was able to pay for $15,000 per square foot price tag for the 24,800 square foot condo space above the St. Regis flaghip hotel property.