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The owners of Gucci on Monday bought a prime Fifth Avenue retail property for a whopping $963 million — and it could mean the boot for rival fashion house Armani from its flagship location.

Guccis parent Kering scooped up the 115,000 square-foot, three-level retail space at 715-717 Fifth Ave., at East 56th Street, which sits at the base of a 28-story office tower known as the Corning Glass Building.

The latest retail condo sale is momentous on several levels.

It marks seller Jeff Suttons third spectacularcoupon the fabled shopping street in less than amonth. The prominent retail developer/landlordsWharton Properties sold both720 Fifth Ave. and 724 Fifth to Prada for a total $835 million last month — which were the citys largest combined investment-sale transactions in 2023. Eastdil Secured advised Sutton on all the deals.

Gucci’s owner said the purchase of the Corning Glass Building represents a further step in Kerings selective real estate strategy aimed at securing key, highly desirable locations for its houses.  

It also reflects the soaring fortunes of the Worlds Greatest Shopping Street, with the Kering purchase accelerating the trend of major retailers buying Midtown Fifth Avenue properties for their own use — following Prada, LVMH, Rolex and Harry Winston, among others.

“Note that most of the buyers are foreign companies,” Cushman & Wakefield retail power-broker Joanne Podell said. “Maybe because in Europe, they buy long-term interests in retail properties. They dont have to deal with lease expiration dates. Of course there is innate value in buying on the most important retail street in the world.”

It is not clear how the sale will impact the buildings current tenant, Armani boutique and restaurant at 717 Fifth or the current Gucci flagship at Trump Tower across the street.

Another fashion rival, Dolce & Gabbana, also has a large store at the location. Kerings lines in addition to Gucci  include Saint Laurent,  Balenciaga and Alexander McQueen.

Armanis lease at 717 Fifth, signed in 2007, is said by sources to be up in a few months. The renowned fashion house will soon open a new store and restaurant at 760 Madison Ave., where it partnered with SL Green in a Giorgio Armani-branded condo tower.

SL Green was a 10.9 percent minority partner in the Fifth Avenue retail property. SLG chief investment officer Harrison Sitomer said, This disposition represents another successful investment in our partnership with Jeff Sutton. The transaction is yet another example of how well-located assets continue to generate demand for global investors across cycles.

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Elon Musk hints 80-hour-a-week DOGE job for ‘high-IQ revolutionaries’ will be unpaid

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Elon Musk hints 80-hour-a-week DOGE job for 'high-IQ revolutionaries' will be unpaid

“Super high-IQ revolutionaries” who are willing to work 80+ hours a week are being urged to join Elon Musk’s new cost-cutting department in Donald Trump’s incoming US government.

The X and Tesla owner will co-lead the Department Of Government Efficiency (DOGE) with former Republican presidential candidate Vivek Ramaswamy.

And in a post on X, the official DOGE account put out a call to arms for people to sign up and help “dismantle government bureaucracy”.

The post said: “We are very grateful to the thousands of Americans who have expressed interest in helping us at DOGE.

“We don’t need more part-time idea generators.

“We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.

“If that’s you, DM this account with your CV. Elon & Vivek will review the top 1% of applicants.”

Read more:
Who is in Trump’s top team?
Trump’s cabinet signals tough stance on China

Elon Musk speaks after President-elect Donald Trump spoke during an America First Policy Institute gala at his Mar-a-Lago estate. Pic: AP Photo/Alex Brandon
Image:
Elon Musk speaking at an event held at Donald Trump’s Mar-a-Lago estate. Pic: AP Photo/Alex Brandon

In a reply to an interested party, Mr Musk suggested the lucky applicants would be working for free.

“Indeed, this will be tedious work, make lost of enemies & compensation is zero,” the world’s richest man wrote.

“What a great deal!”

When announcing the new department, President-elect Donald Trump said Mr Musk and Mr Ramaswamy “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”.

Mr Musk has previously made clear his desire to see cuts to “government waste” and in a post on his X platform suggested he could axe as many as three-quarters of the more than 400 federal departments in the US, writing: “99 is enough.”

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At least 10 dead after fire rips through retirement home in Spain

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At least 10 dead after fire rips through retirement home in Spain

At least 10 people have been killed after a fire broke out at a retirement home in northern Spain in the early hours of this morning, officials have said.

A further two people were seriously injured in the blaze at the residence in the town of Villafranca de Ebro in Zaragoza, according to the Spanish news website Diario Sur.

Jardines de Villafranca nursing home following the fire.
Pic: AP
Image:
Two people remain in a critical condition following the blaze. Pic: AP

They remain in a critical condition, while several others received treatment for smoke inhalation.

Firefighters were alerted to the blaze at the residence – the Jardines de Villafranca – at 5am (4am UK time) on Friday.

Residents are moved out of the nursing home following the fire.
Pic: AP
Image:
Several residents were treated for smoke inhalation. Pic: AP

Those who were killed in the fire died from smoke inhalation, Spanish newspaper Heraldo reported.

The residence is home to 82 elderly residents.

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The blaze started in one of the rooms, Fernando Beltran, the national government’s top official in the region, told reporters.

All of the victims were elderly residents, he added.

Relatives waiting for news outside the nursing home where least 10 people have died in a fire in Zaragoza, Spain.
Pic: AP
Image:
Relatives wait for news outside the care home. Pic: AP

Fire crews, paramedics and police officers remain on site, said a spokesperson for the regional government of Aragon who confirmed the fatalities.

It took firefighters several hours to extinguish the blaze, they said.

The cause of the fire is unknown and is being investigated.

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Elon Musk hints 80-hour-a-week DOGE job for ‘high-IQ revolutionaries’ will be unpaid

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Elon Musk hints 80-hour-a-week DOGE job for 'high-IQ revolutionaries' will be unpaid

“Super high-IQ revolutionaries” who are willing to work 80+ hours a week are being urged to join Elon Musk’s new cost-cutting department in Donald Trump’s incoming US government.

The X and Tesla owner will co-lead the Department Of Government Efficiency (DOGE) with former Republican presidential candidate Vivek Ramaswamy.

And in a post on X, the official DOGE account put out a call to arms for people to sign up and help “dismantle government bureaucracy”.

The post said: “We are very grateful to the thousands of Americans who have expressed interest in helping us at DOGE.

“We don’t need more part-time idea generators.

“We need super high-IQ small-government revolutionaries willing to work 80+ hours per week on unglamorous cost-cutting.

“If that’s you, DM this account with your CV. Elon & Vivek will review the top 1% of applicants.”

Read more:
Who is in Trump’s top team?
Trump’s cabinet signals tough stance on China

Elon Musk speaks after President-elect Donald Trump spoke during an America First Policy Institute gala at his Mar-a-Lago estate. Pic: AP Photo/Alex Brandon
Image:
Elon Musk speaking at an event held at Donald Trump’s Mar-a-Lago estate. Pic: AP Photo/Alex Brandon

In a reply to an interested party, Mr Musk suggested the lucky applicants would be working for free.

“Indeed, this will be tedious work, make lost of enemies & compensation is zero,” the world’s richest man wrote.

“What a great deal!”

When announcing the new department, President-elect Donald Trump said Mr Musk and Mr Ramaswamy “will pave the way for my administration to dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure federal agencies”.

Mr Musk has previously made clear his desire to see cuts to “government waste” and in a post on his X platform suggested he could axe as many as three-quarters of the more than 400 federal departments in the US, writing: “99 is enough.”

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