Gucci Owner Buys Manhattan Building for $963 Million (1)

Kering SA, the fashion firm that owns Gucci and Balenciaga, purchased a building on Manhattan’s Fifth Avenue for $963 million, the latest massive New York City real estate deal by a global luxury company.

Kering bought 715-717 Fifth Ave., located at the corner of 56th Street, across from Trump Tower, according to a statement Monday. The property spans 115,000 square feet (10,700 square meters) and has multiple levels of retail space.

“This investment represents a further step in Kering’s selective real estate strategy, aimed at securing key highly desirable locations for its Houses,” Kering said in the statement.

Kering ...