Sales have officially begun at Michael Shvo’s Mandarin Oriental condo project on Fifth Avenue.
The upscale, 69-unit development at 685 Fifth Avenue is the first residential-only property managed by Mandarin Oriential on the East Coast. In addition to fully furnished, move-in-ready units, residents will have exclusive access to a private restaurant and bar run by celebrity chef Daniel Boulud.
Other amenities include a fitness center with steam, sauna, and treatment rooms; a private rooftop pool with a lounge and bar offering views of Central Park; and white-glove services from Mandarin Oriental’s concierge team, including butlers, personal shoppers and dog walkers.
Units “will offer residents the luxury of living in a five-star hotel without the guests,” Shvo’s firm said in a statement. Forbes first reported the launch of sales on Monday.
The property, on the corner of Fifth Avenue and 54th Street, formerly housed the headquarters of Gucci.
Shvo, a former broker turned developer, first sought to buy the Beaux Arts building in 2015, but the deal fell through.
He rebid and closed on it in 2018, paying $135 million with partners Deutsche Finance and Turkish development firm BLG Holdings, led by Serdar Bilgili. They planned to convert the office building to condos and increase its height by five floors.
Shvo’s partnership with Bilgili later dissolved and the Turkish investor sued last year, alleging that Shvo and Deutsche Finance were cutting him out of deals. The suit was settled in late 2020.
Deutsche Finance remains a partner in the development.
Shvo’s Mandarin Oriental Residences Fifth Avenue follows the debut of the Mandarin Oriental Residences Beverly Hills, which was also developed by Shvo. The Beverly Hills project will also have a restaurant from Boulud.
Shvo tapped Douglas Elliman to handle sales and marketing for the Fifth Avenue property.
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