Prada Buys Yet Another Fifth Avenue Retail Property for $13M
By Nick Trombola April 26, 2024 12:47 pm
reprints
Prada to all of the other high-end retailers on New York City’s Fifth Avenue: Hold my handbag.
The luxury brand has acquired yet another property along the famed street, this time paying $12.6 million to Brookfield (BN) Properties for a retail condo at 730 Fifth Avenue, according to property records.
Despite Brookfield being named as the seller on the deed for the 730 Fifth condo, the deal was actually part of the same agreement late last year between Prada and Jeff Sutton’s Wharton Properties, according to a source with knowledge of the deal. A $12.6 million lease for the annex space appears in property records in December, with the deed for the property changing ownership on April 22 for the same amount.
Yet that figure is a mere offbrand knockoff compared to the combined $835 million Prada paid to Sutton for 724 and 720 Fifth Avenue, the former being its longtime flagship store in New York City.
Brookfield did not immediately respond to a request for comment. Sutton declined to comment
Prada isn’t the only luxury brand making eye-popping deals for Fifth Avenue retail spots.
In January, Gucci-owner Kering paid $963 million for the 115,000-square-foot retail portion of 715-717 Fifth Avenue, also from Sutton and SL Green (SLG) Realty. A source told Commercial Observer at the time that Kering will likely transform the property into Gucci’s new flagship store, moving it from the neighboring Trump Tower.
Rolex is also making moves in the corridor, constructing a new $250 million headquarters at 665 Fifth Avenue, which will open in 2026, according to a first-quarter market report from JLL.
With additional reporting by Mark Hallum.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
