Kering Purchases Fifth Ave Retail Condo for $963M

Kering, the parent company of luxury fashion houses Gucci, Balenciaga and Alexander McQueen, has agreed to purchase the 115,000-square-foot retail condominium at the base of 715-717 Fifth Avenue from investor Jeff Sutton for $963 million. News of the sale comes just weeks after luxury fashion house Prada purchased 720 and 724 Fifth Avenue from Sutton through two transactions for a combined total of $835 million. The deal enables Sutton to avoid a foreclosure on the retail unit that had been initiated by New York Life Insurance in 2022, since the purchase price fetched will easily enable a full payoff of the remaining unpaid balance of the $300 million defaulted debt.