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The $937 Million Secret: 5 Shocking Facts About 711 Fifth Avenue, New York's Most Controversial Luxury Tower

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As of December 26, 2025, 711 Fifth Avenue in New York City is not just a prestigious address; it is the epicenter of a high-stakes legal drama that has captivated the world of luxury real estate. This Midtown Manhattan tower, a stunning example of Beaux-Arts architecture, has recently undergone a massive transformation under the direction of its controversial new ownership, cementing its status as one of the most talked-about boutique office buildings on the famed Fifth Avenue corridor.

The building’s journey from being the former headquarters of a global beverage giant to a destination for elite private clubs and luxury retailers is a complex tale of billion-dollar deals, architectural reinvention, and legal skirmishes. This article dives into the history, the recent sales, and the current, fresh controversies surrounding the iconic 711 Fifth Avenue.

711 Fifth Avenue: Building Biography and Key Entities

The structure at 711 Fifth Avenue sits on the southeast corner of 55th Street, a prime location in Manhattan's Plaza District. Its rich history and recent repositioning make it a significant landmark.

  • Address: 711 Fifth Avenue, New York, NY 10022.
  • Original Architect: Bethlehem Engineering Corporation.
  • Original Developer: Floyd De L. Brown (associated with construction).
  • Year Completed: 1927.
  • Architectural Style: Beaux-Arts inspired.
  • Building Size: Approximately 340,000 to 350,000 square feet of mixed-use (office and retail) space.
  • Current Owner/Principal: Michael Shvo, in partnership with Bilgili Group and Deutsche Finance America/BLG Capital (under the entity 711 Fifth Ave. Principal Owner LLC).
  • Notable Past Occupants: The Coca-Cola Company (former owner), NBC, and Columbia Pictures (famously served as headquarters).
  • Renovation Architect: Peter Marino Architects (for the lobby repositioning).

The Billion-Dollar Flip: A Timeline of Controversial Sales

The recent history of 711 Fifth Avenue is defined by a rapid, high-value transaction that caught the attention of the entire New York real estate market. The building’s sale involved one of the quickest and most profitable flips in recent memory, highlighting the intense demand for prime Fifth Avenue real estate.

From Coca-Cola to Shvo: The $937 Million Deal

For years, 711 Fifth Avenue was known primarily as the New York headquarters for The Coca-Cola Company. In 2019, the beverage giant decided to sell the iconic property, kicking off a chain of events that would see its value soar almost overnight.

The first major sale occurred in August 2019 when Coca-Cola sold the tower to Nightingale Properties for approximately $909.267 million. However, Nightingale’s ownership was short-lived. Just a month later, the property was flipped to a partnership led by Michael Shvo, the Bilgili Group, and Serdar Bilgili, for a staggering $937 million. This quick transaction generated significant buzz and scrutiny regarding the valuation and the new ownership's vision for the building.

The Shvo partnership, which also includes Deutsche Finance America and BLG Capital, immediately embarked on a major repositioning strategy. The goal was to transform the classic Beaux-Arts structure into a modern, ultra-luxury boutique office tower, one of only about 20 along Fifth Avenue. This repositioning included a significant redesign of the lobby by world-renowned design architect Peter Marino, aiming to disrupt the conventional corporate experience and attract high-net-worth tenants.

The 2025 Legal Showdown: Shvo vs. The CORE Club

The most current and sensational development at 711 Fifth Avenue involves a bitter legal dispute between the landlord, Michael Shvo, and one of its anchor tenants: The CORE Club. This elite, members-only private club is a major draw for the building, offering world-class dining, networking, and wellness amenities to its exclusive clientele.

The Eviction Battle and Judicial Ruling

The CORE Club relocated to 711 Fifth Avenue just two years ago, but relations with the landlord quickly deteriorated. Shvo’s entity, 711 Fifth Ave. Principal Owner LLC, attempted to evict the high-profile club, leading to a major legal battle that played out in New York courts throughout 2025.

In a major victory for the tenant, a New York State judge ruled to block Shvo's eviction bid, allowing The CORE Club to remain in its space. This ruling, documented in court papers such as CORE 5th Ave. LLC v 711 Fifth Ave. Principal Owner LLC, underscores the complex and often contentious relationship between landlords and high-value tenants in the competitive luxury real estate market.

The Current Roster of Ultra-Luxury Tenants

Despite the legal drama, 711 Fifth Avenue remains a coveted address, attracting a mix of global luxury brands and high-end corporate offices. The building’s dual identity as a retail destination and a boutique office hub is key to its prestige, especially given its proximity to major landmarks like Bergdorf Goodman at 754 5th Avenue.

The building’s tenant roster is a testament to its status in the Plaza District:

  • Luxury Watch Brands: Breguet, Omega Boutique, and Swatch all maintain a retail presence, capitalizing on the high-foot traffic of Fifth Avenue.
  • Hospitality: Parisian hospitality company Accor recently secured a large 23,000-square-foot office space, a significant December deal that adds to the building's corporate diversity.
  • Creative and Tech Firms: Office tenants include companies like Avalanche Studios NY Inc., Alanda Music Ltd., JKR Inc., and Knotel, reflecting a modern mix of industries.
  • Retail Fashion: Other retail occupants include Club Monaco and Skechers USA Inc.

The building's architectural elegance, which earned it a design award from the Fifth Avenue Association, combined with its modern infrastructure upgrades, continues to draw premier businesses. The ongoing story of 711 Fifth Avenue—from its $937 million acquisition to the 2025 CORE Club court battle—ensures its position as one of New York’s most fascinating properties to watch.

The $937 Million Secret: 5 Shocking Facts About 711 Fifth Avenue, New York's Most Controversial Luxury Tower
711 5th avenue new york
711 5th avenue new york

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