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Prada S.p.A., an Italian luxury fashion house, has acquired two buildings in New York City. The deal will allow the brand to expand its presence in the Big Apple, which is also the most populous city in the United States.
The properties that Prada purchased are located on Fifth Avenue, which is a major and prominent thoroughfare in the district of Manhattan. According to sources familiar with the deal, a group with ties with the Prada family purchased the 720 Fifth Ave building for about $410 million.
New Investment in New York Properties
The Business Times reported that it was a few days ago when Prada first announced its acquisition of 724 Fifth Ave for $425 million. This property sits beside the building that houses the brand's flagship store in New York.
While Prada reportedly did not mention the 720 Fifth Ave building in its recent filing, the combined value of the two properties is $835 million. With this amount, the deal will become one of the largest real estate deals in New York this year.
Use for the New Building
Prada shared that the 720 Fifth Avenue building gives the brand high strategic value, especially after the area's influx of residential, retail, and hospitality investments. The company will continue to utilize the space for its flagship outlet, storage, and offices.
Will Silverman, the managing director at Eastdil Secured, brokered the deal for Prada, commented on the acquisition, "The global competition for the most prime luxury corners has reached New York City. There are more global luxury brands than there are prime corners left on Fifth Avenue."
Meanwhile, The New York Post previously reported that this real estate acquisition reflects the sizeable increase in the wealth of retail real estate even if offices and residential markets struggled. "The board believes that the property's location offers high strategic value being characterized by increasing scarcity and long-term potential," Prada said about its property purchase.
Photo by: Stock Birken/Unsplash
