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Jewelry and Watch Company Buys Playboy Club Building in Manhattan

The price was $26.7M.




Avi & Co., a luxury jewelry and watch company, will make its headquarters in the former Playboy Club building in Midtown Manhattan.

Avi Hiaeve, owner of the jewelry company, bought the building via 5 East 59th Street Holdings LLC at a foreclosure auction, The Real Deal reported. The price was $26.7 million.

The nine-story building, which was owned by BentallGreenOak and Capstone Equities, is located at 5 E. 59th St. Hiaeve intends to operate his store on the bottom two floors, moving the retail location from the Diamond District. He will use some of the remaining space for offices and rent out some space.

The Real Deal reported that Avi & Co. has stores in Aspen, CO, and Miami, in addition to New York, and employs 40 people.



This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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