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.
The trial of a dentist accused of murdering his wife by poisoning her protein shakes has begun in the US state of Colorado.
James Craig denies using cyanide and tetrahydrozoline, an ingredient in over-the-counter eye drops, to kill Angela Craig in a suburb of Denver.
During the trial’s opening statements on Tuesday, prosecutors claimed the 47-year-old was having an affair with another dentist, had financial difficulties and may have been motivated by the payout from his wife’s life insurance.
Image: Angela and James Craig with their six children. Pic: NBC
Assistant District Attorney Ryan Brackley told the jury at Arapahoe District Court that the 43-year-old victim – who had six children with her husband – had been suffering worsening symptoms including dizziness, vomiting and fainting.
She died in March 2023 during her third trip to the hospital that month.
Mr Brackley accused Craig of poisoning her protein shakes – then giving his wife a final dose of poison while she was in hospital, and said: “He went in that [hospital] room to murder her, to deliberately and intentionally end her life with a fatal dose of cyanide … She spends the next three days dying.”
Craig, who shook his head at times during the prosecution’s opening statement, has pleaded not guilty to several charges, including first-degree murder, solicitation to commit murder and solicitation to commit perjury.
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Prosecutors said Craig had tried to make it appear his wife of 23 years had killed herself. His internet history showed he had searched for “how to make a murder look like a heart attack” and “is arsenic detectable in an autopsy”.
In an argument, captured on home surveillance video, his wife also accused him of suggesting to hospital staff that she was suicidal.
Image: Ryan Brackley claimed James Craig administered poison to his wife while she was in hospital. Pic: Denver Gazette/ AP
After Craig’s arrest in 2023, prosecutors alleged that he had offered a fellow prison inmate $20,000 (£14,993) to kill the case’s lead investigator and offered someone else $20,000 to find people to falsely testify that Angela Craig planned to die by suicide.
Craig’s attorney, Ashley Whitham, told the jury to consider the credibility of those witnesses, calling some “jailhouse snitches”.
Ms Whitham argued that the evidence didn’t show that he poisoned her, instead seeming to suggest she may have taken her own life.
Image: Ashley Whitham, defending Craig, argued that the evidence didn’t show that he poisoned his wife. Pic: Denver Gazette/AP
She described Angela Craig as “broken”, partly by Craig’s infidelity and her desire to stay married, since they were part of The Church of Jesus Christ and Latter-day Saints.
Hospital staff had said Craig had been caring and “doting” while Angela Craig was in the hospital, said Whitham.
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The defence argued prosecutors had overdramatised Craig’s financial problems and dismissed the prosecution’s suggestion that Craig was motivated to kill because of an affair he was having with a fellow dentist from Texas.
“That’s simply not the case,” Whitham said, adding that Craig had many affairs over the years that his wife knew about. “He was candid with Angela that he had been cheating.”
An icon of ASML is displayed on a smartphone, with an ASML chip visible in the background.
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ASML reported second-quarter earnings that beat estimates with the its key net bookings figure ahead of consensus.
However, the chip equipment giant missed analyst expectations for revenue guidance in the current quarter and warned of the possibility of no growth ahead.
Here’s how ASML did versus LSEG consensus estimates for the second quarter:
Net sales: 7.7 billion euros ($8.95 billion) versus 7.52 billion euros expected
Net profit: 2.29 billion euros vs 2.04 billion euros expected
In its own previous forecast issued in April, ASML had said it expected second-quarter net sales of between 7.2 billion euros and 7.7 billion euros. In a pre-recorded interview posted on ASML’s website, the company’s Chief Financial Officer Roger Dassen said the beat was due to revenue from upgrading currently deployed machines as well as tariffs having a “less negative” impact than anticipated.
Analysts anticipated net bookings — a key indicator of order demand — would come in at 4.19 billion euros over the April-June stretch. ASML reported net bookings of 5.5 billion euros.
ASML is one of the most important semiconductor supply chain companies in the world. It makes extreme ultraviolet lithography (EUV) machines, which are required to manufacture the most advanced chips in the world, such as those designed by Apple and Nvidia.
Like many companies in the semiconductor industry, ASML has been grappling with uncertainty created by U.S. tariff policy.
The company forecast third-quarter revenue of between 7.4 billion euros and 7.9 billion euros, which was shy of market expectations of 8.3 billion euros.
ASML said it expects full-year 2025 net sales to grow 15%, narrowing its guidance from a previously announced forecasts of between 30 billion euros to 35 billion euros.
However, the Dutch tech giant was less certain about the outlook for 2026.
“Looking at 2026, we see that our AI customers’ fundamentals remain strong,” ASML CEO Christophe Fouquet said in a statement.
“At the same time, we continue to see increasing uncertainty driven by macro-economic and geopolitical developments. Therefore, while we still prepare for growth in 2026, we cannot confirm it at this stage.”
The Veldhoven, Netherlands-headquartered company has released its next generation EUV tools known as High NA, which stands for high numerical aperture. These machines, which are larger than a double-decker bus and can cost more than $400 million each, are key to ASML’s future growth plans.
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