Real Estate
Prada Buys New York Fifth Avenue Space for $425 Million
- Demand from American consumers remains high, while China slows
- The Italian firm has been leasing in the building since 1997
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Prada SpA has agreed to buy the building housing its flagship store on New York’s Fifth Avenue — one of the world’s top shopping streets — for $425 million, as demand from American consumers holds up against inflation and high borrowing costs.
The Hong Kong-listed, Italian fashion company has been leasing its store in the 12-floor building at 724 Fifth Avenue since 1997, according to a stock exchange filing Wednesday. It said the property’s location offers high strategic value after an influx of residential, hospitality and retail investments in the neighborhood. It will continue to use the space for its store, offices and storage, the group said in the filing.