Following last year’s purchase of 685 Fifth Avenue, developer Michael Shvo has announced a partnership with Mandarin Oriental Hotel Group to manage a collection of condominiums within the property. Rounding out the development team for the project is Turkish investment group Bilgili Holding and investment management firm Deutsche Finance.
The existing architecture was originally completed in the 1920’s and is the former home of GUCCI Group’s corporate headquarters. Today, the extent of construction includes the conversion of 116,000 square feet for residential use, as well as a 5-story addition at the top of the building.
Residential amenities include a library and lounge on the top floor of the building, a fitness center, a spa with beauty treatment rooms, and a rooftop pool with cabanas and lounge beds serviced by Mandarin Oriental. The property will also offer a private restaurant.
Word of the new Mandarin Oriental Residences arrives on the heels of a recent announcement that SHVO, Deutsche Finance America, and Bilgili Holding have also acquired the Raleigh Hotel in Miami for $103 million.
“New York has always inspired me to reimagine how people live and interact with the city. Fresh off our purchase of the Raleigh Hotel in Miami, we are thrilled to bring such an esteemed brand as Mandarin Oriental to Fifth Avenue with a new residential concept that will be a one-of-a-kind offering for those seeking the highest level of living,” said Michael Shvo, Chairman of SHVO.
Construction at 685 Fifth Avenue is currently ongoing with expected completion by 2021.