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.
View of renovated lobby at 711 Fifth Avenue – SHVO
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.
Rendering of CORE NY Restaurant – Courtesy of Core Club
Rendering of the CORE NY fitness center – Courtesy of Core Club
Rendering of The Dangene Institute at The Core Club – Courtesy of Core Club
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
This place has money laundering tax shelter all over it.
A members-only destination…interesting.
Mar a Lago North. Another place for rich people to hide money and discriminate.
The homeless living directly outside the club’s front door.
Glad to this “much needed” entity is being developed as hundreds continue to die daily from a GLOBAL PANDEMIC, the homeless live on the streets, and the mentally ill assault subway riders!
Maybe one of the restaurants could feature a large mural of Marie Antoinette and her famous saying “Let them eat cake!”?
Just an idea as not to insult the
1/2% on the roof top! 🤔
Looks beautiful. Imagine those who can afford it will come to New York and spend money and help the economy. Hope it does well!