"Even for prime Fifth Avenue territory just around the corner from Billionaires' Row, the price was considered steep, but then again, all of its luxury competitors were also paying top dollar to snap up real estate on Manhattan's toniest retail strip - the Kering group (Gucci, Balenciaga) spent almost a billion dollars to buy the retail portion just across the street, at 715-717 Fifth Avenue."
"Now we finally know what Prada is planning to do with its two buildings: partner with Related on a new, 225,000-square-foot skyscraper at the site, with a store on the bottom and office space and luxury housing above. It may even share super-fancy amenities with the Aman hotel and residences next door, Commercial Observer reported. (While the details are still in the works, those Aman perks could include access to a jazz club, a 65-foot indoor heated pool lined by double daybeds and enclosed fireplaces, and a three-story spa with everything from massages and cold-plunge pools to full-body cryotherapy facilities.)"
In late 2023, Prada paid $835 million to acquire two adjacent Fifth Avenue buildings, 724 and 720, after long-term renting at 724. Prada had occupied about 15,500 square feet across the first four floors and maintained corporate offices on the fifth floor. The company faced a significant rent increase and possible temporary displacement while its landlord planned renovations. Prada seeks to partner with Related to develop a 225,000-square-foot skyscraper featuring a storefront, office space, and luxury housing above. The project may include shared high-end amenities with the neighboring Aman hotel and residences. Prada explored other partners and will likely relocate during construction while keeping a nearby Madison Avenue store.
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