It’s possible that the Saks Fifth Avenue building in Manhattan is “the most valuable retail building in the world.” It was recently appraised at approximately $3.7bn.
Set to undergo a renovation costing around $250m next year, Hudson’s Bay Co. refinanced the property using a 20-year $1.25bn mortgage on the ground part of its Saks store. It is a hugely potential source of capital for the company, and the public announcement alone escalated the company’s shares up 12 percent.
Perhaps this real estate information shouldn’t be all that surprising considering Saks’ reputation for impressing Manhattaners. Just last week the store hosted “An Enchanted Experience,” featuring 36 Rockettes dancers, shutting down Fifth Avenue rush hour traffic to let the Radio City Music Hall troupe get on with its performance. Following that was a cocktail party with guests that included: Dennis Basso, Kenneth Cole, Tommy Hilfiger and others.