Mandarin Oriental to Brand, Manage NYC Luxury Condos
SHVO, BLG Capital and Deutsche Finance America own the 1920-built property on Fifth Avenue. Work started on the conversion of the building's office component into 69 apartments.
Mandarin Oriental Hotel Group has signed a branding and management contract for 69 luxury residences to be completed in 2021 in Midtown Manhattan. SHVO, BLG Capital and Deutsche Finance America are the owners and developers of the upcoming condo project.
Located at 685 Fifth Ave., on the corner of Fifth Avenue and 54th Street, the property is within walking distance of Central Park. Numerous luxury shops, museums and fine dining restaurants are also close by. Currently, a flagship Coach retail store occupies the first three floors of the property. The developers intend to add 10 floors to the top of the tower.
Mandarin Oriental Residences will take shape inside a 1920’s building, which was once the headquarters of fashion house Gucci. According to The Real Deal, the development represents a conversion of 100,000 square feet of office space into condominiums spanning over 25 floors. Amenities are set to include a library, a top-floor lounge and a restaurant. The property will also feature a fully equipped gym, a spa with beauty treatment rooms and a rooftop pool with cabanas and lounge beds.
“What I love the most about New York City real estate is reimagining a living space, a building and even the way we can interact with a world-renowned neighborhood,” said Michael Shvo, chairman of SHVO, in a prepared statement.
At the beginning of February, another 69-unit luxury community opened in New Jersey. Dubbed SOMA, the transit-oriented property in Somerville aims for LEED Gold certification.
Image via Google Street View