What is now the LVMH Building at 1 East 57th Street — one of the most prized retail locations in the world — went on the market in 1999. Immediately sought after by big-money real estate groups, the owner’s appointee offered the property directly to Richard Hadar.
At the time of investment, the building’s tenant still had 15 years left on their lease. Seeing the potential to optimize the value of his investment, Hadar successfully negotiated to have the tenant give up their lease. Once the building was vacated, a bidding war ensued, culminating with LMVH offering to buy the property rather than lease it. They paid a record price per square foot for retail space in New York.
Hadar used the profits from the LVMH sale to purchase an interest in Citicorp Center in partnership with Boston Properties, a deal that would “catapult [the Hadars] to the top ranks of New York City real estate families” according to a January 2001 story in The New York Times.