Following a ground-up renovation of 711 Fifth Avenue, Michael Shvo of SHVO has revealed new plans to transform the upper levels of the building into an exclusive, members-only destination. Core Club, a global social club, has inked a 20-year lease with SHVO to occupy 60,000 square feet spread across four floors.
Located in Midtown‘s glitzy Plaza District, 711 Fifth Avenue was originally completed in 1927 and has famously served as headquarters for NBC, Columbia Pictures, and Coca-Cola. SHVO acquired the building in September 2019 and partnered with Peter Marino Architect to reposition it as a world-class office tower with finishing touches more commonly found in hotels and resorts.
To finance the renovation, SHVO entered a joint venture with Deutsche Finance America and BLG Capital, which together secured $545 million in construction financing. The initial renovation was completed in 2021.
Founded in 2005, Core Club initiation fees range from $15,000 to $100,000 and annual dues run from $15,000 to $18,000. The new club will include two restaurants, large terraces, a full-service fitness center, 11 short-stay suites, five private meeting rooms, a spa, a beauty salon, a theater, and The Dangene Institute, a treatment center for non-invasive cosmetic services.
The club’s original New York City outpost was located on East 55th Street and plans to debut the CORE:NYC this September.