A venture of New York real estate families has paid $117 million for the 24,700-square-foot retail component in the posh St. Regis New York hotel.

The space, at 55th Street and Fifth Avenue in midtown Manhattan, was acquired from Starwood Hotels & Resorts Worldwide Inc.

The venture, GFC Fifth Avenue LLC, is comprised of Crown Acquisitions, which is led by Stanley Chera; Goldman Properties, led by Lloyd Goldman, and the Feil Organization. It also includes Centurion Realty and the Braka Family U.S. Realty.

Starwood said the sale price represents a capitalization rate of 5 percent.

The Chera group said it financed 50 percent of the acquisition price, but it would not identify its lender.

The property is leased to Bottega Veneta, a very high-end maker and retailer of leather goods, fashion designer Pucci and diamond retailer De Beers. Details of their leases could not be learned.

"When three of the city's top real estate families come to the market together to purchase a noteworthy retail asset on one of the world's most recognizable shopping districts, it's a clear signal that Fifth Avenue and New York City are as strong as ever," Chera said.

Starwood was represented in the sale by CB Richard Ellis. It said it would use proceeds to pay down debt.

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