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More Glamour for Fifth Ave: Prime Space Goes for $375M

NEW YORK CITY-At this rate, tourists are going to be confused as to just what New York’s Great White Way is; condo and retail space at the St. Regis Hotel went for $375 million to high-end retailer Richemont, as Real Estate Alert reported.

By Miriam Lamey | Updated on October 18, 2012

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.

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