After three years of trying, luxury condominium developer Michael Shvo and partners have purchased the upper floors of the former Gucci Building at 685 Fifth Ave. from GGP for $135 million.
The intent is to add five floors and create a luxury residential condominium and possibly a hotel.
“We are excited that we finally concluded the purchase of this iconic building after three years and a lengthy endeavor with GGP,” said Shvo. “This marks our second transaction with GGP after the acquisition of the Crown Building.”
Shvo, along with the Wings group, BLG Capital, Latner Partners and Deutsche Finance America, purchased the upper portion, consisting of floors 5 through 20 at 685 Fifth, from GGP — which is itself being purchased by Brookfield.
Shvo had a handshake deal with GGP three years ago before a Turkish company signed a contract at the higher, $150 million price tag, but which never closed. Sources said there is litigation over its deposit.
GGP retains the lower floors, and Coach retail will remain in the base of the building.