Jewelry and Watch Company Buys Playboy Club Building in Manhattan

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.