Gucci owner pays nearly $1B to scoop up tower on red-haute Fifth Avenue

Published

10 months ago

January 23, 2024

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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.

Entertainment

Davina McCall out of surgery after operation to remove brain tumour

Published

51 mins ago

November 15, 2024

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Davina McCall out of surgery after operation to remove brain tumour

Davina McCall’s partner has said she is out of surgery after undergoing an operation to remove a brain tumour.

The 57-year-old television presenter had revealed in a video posted on Instagram earlier today she had a benign brain tumour, a colloid cyst, which she described as “very rare”.

She said the chances of having it were “three in a million,” and she had discovered it a few months ago, after a company offered her a health scan in return for giving a menopause talk.

She also announced she would be having the surgery this evening.

Now her partner – hairdresser Michael Douglas – has posted on social media to say the operation went well.

He said: “Hey all. Davina is out of surgery and according to the surgeon it was textbook! She’s currently recovering in ICU as a precaution, as you can imagine she’s utterly exhausted.

“Thanks so much for all the love from everyone on here… it’s powerful stuff, we are super grateful.”

McCall earlier said the tumour’s discovery came as a shock.

She said: “I slightly put my head in the sand for a while, and then I saw quite a few neurosurgeons, I got lots of opinions. I realised that I have to get it taken out.”

McCall described it as “big”, 14mm wide, adding: “It needs to come out, because if it grows it would be bad.”

She explained that she would have it removed via a craniotomy, describing the procedure: “They go through the top of my head here and through the two halves of my brain to the middle.

“They get the cyst, take it out, empty it, and Bob’s your uncle.”

She added before the surgery: “Say a prayer for me, I am in good spirits.”

She said she would be in hospital “for around nine days”, but during her recovery, she would be “off my phone for a while”.

Joking and smiling, she urged fans “not to worry about me”, admitting, “I’m doing that enough!”

She went on to counter that, explaining: “I’m not worrying too much, and I am in a good space, and I have all the faith in the world in my surgeon and his team, and I’m handing the reins over to him. He knows what he’s doing, and I’m going to do the getting better bit after.”

She signed off saying, “see you on the other side”.

What is a benign brain tumour?

According to the NHS website, a benign (non-cancerous) brain tumour is a mass of cells that grows relatively slowly in the brain.

They are unlikely to spread, but are still serious and can be life-threatening.

When successfully removed, a tumour will not usually return at all, but if it cannot be completely removed it may grow back, and so will be monitored using scans or treated with radiotherapy.

Many people return to normal activities following successful surgery, but some are left with persistent problems, such as seizures and difficulties with speech and walking.

Non-cancerous brain tumours are more common in people over the age of 50, and symptoms include headaches, blackouts, behavioural changes and loss of consciousness.

Davina McCall says her tumour is a colloid cyst – which is made up of a gelatinous material. Symptoms can include headache, vertigo, memory deficits, diplopia, behavioural disturbances, and in extreme cases, sudden death.

Celebrity friends were quick to send their support, with stars including Rylan, Alan Carr and Holly Willoughby sending love.

According to the NHS, non-cancerous brain tumours are slow-growing and unlikely to spread, but are still serious and can be life-threatening.

McCall rose to fame presenting on MTV in the mid-1990s, and later on Channel 4’s Streetmate, before becoming a household name as the host of Big Brother from 2000 to 2010.

She’s gone on to present programmes across the networks, and currently presents ITV dating show My Mum, Your Dad.

Last year, McCall was appointed Member of the Order of the British Empire (MBE) in the 2023 Birthday Honours for services to broadcasting.

In recent years, McCall has spoken regularly on women’s health and the effects of menopause in a bid to break taboos around the subject. Her 2022 book, Menopausing, won book of the year at the British Book Awards.

The same year, McCall fronted the Channel 4 documentary Davina McCall: Sex, Mind And The Menopause, and told the BBC that the perimenopausal symptoms caused her difficulties multi-tasking and she considered that she had a brain tumour or Alzheimer’s disease at the time.

The presenter has previously raised money for Cancer Research UK by running for Race For Life in honour of her late sister, Caroline Baday, who died from lung cancer in 2012 at the age of 50.

Married twice, McCall has three children, two daughters and a son, with her second husband, presenter Matthew Robertson.

She has lived with Douglas since 2022, and they present a weekly lifestyle podcast together, Making The Cut.

Entertainment

Stars send best wishes to Davina McCall after presenter reveals rare brain tumour

Published

51 mins ago

November 15, 2024

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Stars send best wishes to Davina McCall after presenter reveals rare brain tumour

Stars have rushed to share their support after Davina McCall revealed she’s undergoing surgery to remove a rare brain tumour.

The presenter shared the news in a short Instagram video, telling fans the benign tumour is called a colloid cyst and is around 14mm wide.

McCall explained it “needed to come out, because if it grows it would be bad,” and described a procedure called a craniotomy which would remove the cyst through the top of her head.

The former Big Brother host said she was “in good spirits,” and would be in hospital “for around nine days” following the procedure.

It’s not clear on which day McCall’s surgery is scheduled, or if she has had the procedure yet.

Quick to share his love with the 57-year-old star, presenter Rylan wrote: “We’re all thinking of you beautiful,” while comedian Alan Carr wrote: “Big love my darling!!”

Ex-This Morning presenter Holly Willoughby wrote: “I’m sending you all the love and then a whole lot more,” and singer Ashley Roberts added: “All the love gorgeous one!! Sending all the healing vibes. Love you!!”

Former Popstars judge and presenter Nicki Chapman wrote: “You and I have chatted about this day… you are in amazing hands with your surgeon and the team. Everyone loves you.

“Thank you for not only being a brave girl but for sharing your condition. You will help sooooo many other people. big hugs. 30-second rule. See you soon N xx.”

Actress and chef Lisa Faulkner wrote: “Sending all my love to you. Best wishes and all positive prayers for a speedy recovery”.

McCall’s current partner, hairdresser Michael Douglas, has said he will be sharing updates from her account while she is “off-grid” and recovering, assuring fans the presenter is “in great shape and in very good hands”.

Other celebrities to share positive thoughts included Stacey Dooley, Donna Air, Helen Skelton, Denise Van Outen and Kimberly Wyatt.

McCall rose to fame presenting on MTV in the mid-1990s, and later on Channel 4’s Streetmate, before becoming a household name as the host of Big Brother from 2000 to 2010.

She’s gone on to present programmes across the networks, and last year was appointed Member of the Order of the British Empire (MBE) in the 2023 Birthday Honours for services to broadcasting.

She has three children with her second husband, presenter Matthew Robertson.

Entertainment

And the host of the Oscars is… Conan O’Brien

Published

51 mins ago

November 15, 2024

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And the host of the Oscars is… Conan O'Brien

Conan O’Brien has been announced as the host of next year’s Oscars.

It’s the Emmy Award-winning comedian’s first time heading up the ceremony, which is Hollywood‘s most high-profile showbiz event.

“America demanded it and now it’s happening: Taco Bell’s new Cheesy Chalupa Supreme. In other news, I’m hosting the Oscars,” O’Brien said in a statement.

He also shared a spoof short video on social media, showing him clasping an Oscar statuette and thanking the Academy for his Oscar, before clarifying he was hosting the show rather than receiving an award.

The 61-year-old TV presenter, writer, producer and comedian is best known for hosting the late-night talk shows Late Night with Conan O’Brien, The Tonight Show with Conan O’Brien and Conan.

Before fronting his own self-named shows, he wrote for the enormously popular US late-night sketch show Saturday Night Live and the long-running satirical cartoon The Simpsons.

Recently fronting a travelogue, Conan O’Brien Must Go, he currently hosts the podcast Conan O’Brien Needs a Friend.

Over his career, he has won five Primetime Emmys and earned 31 nominations for his work.

The last two years of the Oscars were hosted by comedian Jimmy Kimmel, who recently became emotional about Donald Trump’s re-election, and before that Regina Hall, Amy Schumer and Wanda Sykes shared the stage.

Between 2019 and 2021 the Oscars went without a main presenter.

Oscars executive producers Raj Kapoor and Katy Mullan said in a statement: “Conan has all the qualities of a great Oscars host, he is incredibly witty, charismatic and funny and has proven himself to be a master of live event television.

“We are so looking forward to working with him to deliver a fresh, exciting and celebratory show for Hollywood’s biggest night.”