5 East 59th Street

Avi Hiaeve, owner of Avi and Co., acquired a former clubhouse at 5 East 59th Street for $26.7 million in a foreclosure auction. The nine-story building will serve as the luxury jewelry and watch company’s headquarters, with plans to renovate and use the bottom two floors for retail. Hiaeve aims to move his New York store closer to Fifth Avenue’s prime shopping area. The building, purchased from BentallGreenOak and Capstone Equities, was foreclosed due to default on $70 million in loans. Hiaeve secured $18.2 million from Cerco Funding for the purchase. The property spans 39,000 square feet and is currently vacant.