Prada Acquires Fifth Avenue Flagship Store Building for $425 Million

The luxury brand ends its lease and purchases the building, planning to use the space for retail, office, and storage purposes.

Prada has purchased the building that houses its flagship store on Fifth Avenue for $425 million, ending its lease which began in 1997.
The deal was completed in cash, using internal resources, with the seller being 724 Fifth Fee Owner LLC.
The building, which is located across from Trump Tower, is considered some of the most prominent retail real estate in the world.
Before the purchase, Prada and the seller had been involved in a three-year legal battle, which was settled in January of this year.
The building will continue to serve as Prada's flagship store, with additional office and storage space for the company.