Prada Agrees to Purchase 5th Ave Building Housing its Flagship Store

The 12-story 65,010-square-foot building located at 724 Fifth Avenue will be trading hands for the first time in 11 years. Italian luxury fashion house Prada has agreed to purchase the property for $425 million. The property located between West 56th and 57th Streets has housed Prada’s longtime flagship of approximately 13,648 square feet at its base since 1997. News of the sale comes at a time when “demand from American consumers holds up against inflation and high borrowing costs.”