Diamon’s a girl’s best friend. And investors love them too.
The Real Deal reports that Fortress Investment Group, based in New York, sold its Tiffany & Co. building on Worth Avenue in Palm Beach for $26.4 million. The buyer is 259 Worth Avenue LLC, based in Delaware. Fortress bought the building at 259 Worth Avenue in 2018 for $20 million. No doubt elevating its style on already glitzy Worth Avenue, Tiffany has installed marble floors and steel doors in the 11,081 square feet it has leased since 1991.
It could be that Tiffany and neighboring stores such as Brioni, Lilly Pulitzer, Salvatore Ferragamo and Chanel may soon have residential neighbors. The Real Deal also reports that late last year, Palm Beach approved plans from architect Keith Spina that see the building’s second floor being converted into a 10,000-square-foot condo and the third floor into a spa. In the meantime, Tiffany & Co. is being acquired by French luxury company LVMH.
This is good news for the diversification of the famous street, whose famous retailers is being battered by the pandemic. With the Neiman Marcus store closing in September and more than 40 vacant storefronts, the town is currently seeking a retail consultant that can contribute to a revitalization of a South Florida luxury destination. No doubt mixed-use projects that complement Palm Beach’s luxury can be part of a solution to recovering from the pandemic.
Photo: Google Street View