Michael Shvo has launched sales at the new Mandarin Oriental Residences Fifth Avenue with a team from Douglas Elliman Development Marketing.
The marketing boss, who now runs his own luxury real estate development and investment firm, partnered with the asset manager Deutsche Finance America and BLG Capital, a division of the Turkish conglomerate Bilgili Group, to buy the office condo at 685 Fifth Avenue for $135 million in 2018. BLG is no longer a part of the project.
Now, they’re ready to sell what will be Mandarin Oriental’s first East Coast residential-only property, following the West Coast debut of Mandarin Oriental Residences Beverly Hills, also developed by SHVO. Units will be priced from $2.5 to $15 million for junior suites to two-bedrooms. Penthouse pricing will be announced at a later date, said Shvo.
Located at 685 Fifth Avenue, on the corner of Fifth Avenue and 54th Street, the 29-story former office condo that was once the headquarters of the Italian fashion house Gucci has been transformed into 69 fully furnished and amenitized luxury residences ranging from junior suites to two-bedroom residences and select penthouses.
White-glove services courtesy of Mandarin Oriental’s dedicated concierge team ranges from bartending and butlers to shopping and dog-walking. Residents will also have exclusive access to Boulud Prive, a new dining experience personally curated by Chef Daniel Boulud, only available to residents of the Mandarin Oriental Residences Fifth Avenue and Beverly Hills, through room service or private restaurant and bar service.
“We are delighted to be partnering with Mandarin Oriental once again, this time to offer an unparalleled living experience on New York’s Fifth Avenue, one of the world’s most coveted zip codes.” said Michael Shvo, Founder, Chairman and CEO of SHVO. “Truly distinguished from other residential buildings in the city, this exquisitely designed collection of turnkey homes and amenities will offer residents the luxury of living in a five-star hotel without the guests.”