Michael Shvo and his 685 Fifth Avenue development partners have struck a deal with the Mandarin Oriental Hotel Group to brand and manage 69 luxury apartments in the building.
The Mandarin Oriental Residences are scheduled for completion in 2021.
The private homes will be located in the upper floors of the former Gucci Building that SHVO, BLG Capital and Deutsche Finance America purchased from GGP for $135 million last year.
The Residences will feature a variety of facilities including a library and lounge on the top floor of the building, with views over Central Park. A gym, a spa with beauty treatment rooms, and a rooftop pool with cabanas and lounge beds will all be serviced by Mandarin Oriental. The property will also offer an all-day dining restaurant.
“We look forward to introducing a new collection of Mandarin Oriental Residences to New York. The development will offer owners a unique pied-a-terre lifestyle in an ideal location, steps away from Central Park and Manhattan’s renowned luxury shopping, museums and fine dining choices. Mandarin Oriental’s attention to detail and legendary service will enhance the living experience of the residents.” said James Riley, Group Chief Executive of Mandarin Oriental Hotel Group.
“What I love the most about New York City real estate is re-imagining a living space, a building, and even the way we can interact with a world-renowned neighborhood,” said Shvo, chairman of SHVO. “We look forward to developing these unique Mandarin Oriental residences in the heart of Manhattan and creating this one-of-a-kind offering for buyers who demand the highest level of finishes and luxury services.”