Gucci's Parent Company Pays $963M For Fifth Avenue Retail Space

Another luxury brand is paying nearly $1B to acquire retail on Fifth Avenue.
Kering, of Gucci, Balenciaga and Brioni, is paying $963M to acquire the 115K SF retail condominium at 717 Fifth Ave., it announced Monday. The multilevel space sits at the base of a 26-story office tower and was sold by Jeff Sutton's Wharton Properties.
Sutton was also the owner of 720 and 724 Fifth Ave. across , which Italian fashion house Prada paid more than $820M combined to acquire last month. 
The sales show that demand from iconic fashion brands for space on the globe's most expensive…
Source: Gucci's Parent Company Pays 3M For Fifth Avenue Retail Space