LVMH Moët Hennessy Louis Vuitton, which owns 75 brands including Christian Dior and Tiffany, is in talks to acquire 745 Fifth Ave. in Manhattan, where a Bergdorf Goodman men's store occupies the first three floors, according to a report in Bloomberg that cited people familiar with the negotiations that asked not to be named. One of the sources told Bloomberg that LVMH is competing against other bidders for the property. The landlord of the building is Paramount Group.
LVMH is the latest luxury brand to seek to own a piece of Manhattan's Fifth Ave. Last week Globest.com reported that Kering, the French luxury group that owns Gucci, Balenciaga and Alexander McQueen, acquired the retail portion of 715-717 Fifth Ave., for $963 million. The 115,000 square foot property was sold by SL Green and Jeff Sutton's Wharton Properties.
Sutton was also the seller of 720 Fifth Ave. for approximately $410 million. Prada scooped up that property several weeks ago along with the 12-floor building it has been leasing since 1997 at 724 Fifth Avenue. It paid $425 million for that building.
New York's Fifth Avenue retains its top ranking as the world's most expensive retail destination, despite recording flat rental growth year-over-year, according to Cushman & Wakefield.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
