Italian fashion house Prada on Wednesday announced it will pay $425 million to buy the Fifth Avenue building thats home to its flagship boutique — making it the latest luxury retailer to double-down on the worlds greatest shopping street.
The deal reflects the dramatic rise in the fortunes of retail real estate even as the office and residential markets struggle.
It also comes amid forecasts that online shopping would doom brick-and-mortar stores.
The board believes that the propertys location offers high strategic value being characterized by increasing scarcity and long-term potential, Prada said in a statement.
The purchase of 724 Fifth, where Prada has leased five floors in the 12-story building since 1997, follows recent word that Japans Geshary coffee brand bought nearby 560 Fifth Ave.
Geshary is expected to launch a multi-floor display of the coffee-making process, similar to one it has in Tokyo, after current tenant Oakleys lease is up next year.
The worlds most expensive stretch of retailers will also see luxury watchmaker Rolex develop an entirely new headquarters tower at 665 Fifth at East 52nd Street.
Meanwhile, Japanese confectioner Minamoto purchased a former TGI Fridays building at 604 Fifth Ave., and LVMH has development plans for its Louis Vuitton site at Fifth and East 57th Street.
The commitment by international brands acknowledges and reinforces that the city and Fifth Avenue have continued to maintain their place as the No. 1 shopping destination and avenue in the world, Cushman & Wakefield superbroker Joanne Podell said.
Retail specialist Andrew Goldberg, a vice-chairman at CBRE, said the phenomenon of big brands buying real estate, which we saw a lot of in the 1980s and 90s, is coming back.
Goldberg, who worked on the deal that first brought Prada to 724 Fifth in the 1990s, noted with a chuckle, When retailers buy a building where theyre tenants, it means they have no intention of leaving.
Leasing is on fire as well on the avenues prime stretch north of East 48th Street. Swarovski is coming to a former Gap site at 680 Fifth and Marc Jacobs is in talks for 645 Fifth, where an Armani A/X lease expires in 2024.
Last month, Cushman & Wakefield reaffirmed its No. 1 global ranking for Fifth Avenue as the worlds most expensive retail destination in real estate terms, with rents of $2,000 per square foot.
The Fifth Avenue phenomenon is matched on Madison Avenue north of East 57th Street, where Valentino took over the huge former Calvin Klein store and Giorgio Armani will soon open e a spectacular new flagship boutique.
New leases for Van Cleef & Arpels, Dolce & Gabbana, Peter Millar and others have left few available spaces, according to Garrick-Augs Joseph Aquino.The trend is also mirrored in Soho, where there are now nearly as many marquee brands as uptown. But some middle-market corridors, such as Midtown Third Avenue and Broadway on the Upper West Side, continue to struggle.
Model Penny Lancaster has said she “felt ashamed and belittled” by how former MasterChef host Gregg Wallace treated her on the TV show.
Lancaster, who is also a TV personality and the wife of rock singer Rod Stewart, told Sky News’ The UK Tonight with Sarah-Jane Mee programme that she also felt let down by MasterChef’s production company Banijay UK.
“I didn’t feel like I was supported in that moment, I felt ashamed and belittled by the way Greg Wallace had treated me but equally I felt disappointed that the production company hadn’t come to my rescue,” Lancaster, 54 and a MasterChef contestant in 2021, said.
“There is a long way to go, but just by people coming forward and being honest about their experiences I think will help in the long term.”
At the end of July, Wallace, 60, apologised after a report commissioned by Banijay UK, and carried out by law firm Lewis Silkin, found 45 out of 83 allegations against him were substantiated.
Sir Rod Stewart criticised Wallace on Instagram in November 2024 and claimed he “humiliated” his wife when she was on the show.
He wrote: “Good riddance Wallace… You humiliated my wife when she was on the show, but you had that bit cut out didn’t you?
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“You’re a tubby, bald-headed, ill-mannered bully.”
He has previously apologised to people he has hurt, saying in July that he knows he has said things that have offended people. He has denied a specific allegation of unwanted touching.
The BBC referred Sky News to their statement from July, in which the corporation said: “Although the full extent of these issues were not known at the relevant time, opportunities were missed to address this behaviour – both by the production companies running MasterChef and the BBC. We accept more could and should have been done sooner.
“We want to thank all those who took part in the investigation, including those who first raised concerns directly with the BBC in November last year. We apologise to everyone who has been impacted by Mr Wallace’s behaviour.”
Image: Penny Lancaster speaks to Sarah-Jane Mee
Banijay UK, the producers of MasterChef, told Sky News: “We are extremely sorry to anyone who has been impacted by any inappropriate behaviour by Gregg Wallace whilst working on our shows and felt unable to speak up at the time or that their complaint was not adequately addressed.
“Ways of reporting concerns whilst working on our productions, protocols around behaviour and training for both cast and crew, have improved exponentially in recent years and we constantly review welfare procedures across our productions to ensure that they are as robust as they can be.”
Five people have been killed, including the gunman, and at least eight others injured after a mass shooting and fire at a Mormon church in Michigan, police have said.
The incident took place at around 10.25am local time on Sunday at the Church of Jesus Christ of Latter-day Saints in Grand Blanc Township, Michigan, about 50 miles north of Detroit.
The suspect – identified as Thomas Jacob Sanford, 40, from the nearby city of Burton – was shot dead by police officers.
He served in the Marines from June 2004 to June 2008 and was deployed in Iraq, Sky News’ US partner network NBC News reported.
Image: Flames and smoke rising from the Church of Jesus Christ of Latter-day Saints in Grand Blanc. Pic: Julie J, @Malkowski6April/AP
Sanford drove a vehicle through the front doors of the church before opening fire with an assault rifle, police said.
He then exited the vehicle and began firing rounds at people who were attending Sunday service, before deliberately starting the blaze, police added.
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The blaze has been extinguished but authorities believe they will find additional victims in the charred building.
At around 8pm on Sunday (1am in the UK), Grand Blanc Township Chief William Renye confirmed that a further two victims were found in the burned remains of the church, in addition to two other victims who had suffered gunshot wounds.
As many as three improvised devices were found at the scene, according to two senior law enforcement officials briefed on the investigation, NBC reported.
Image: Police believe the number of victims may rise. Pic: AP
According to Chief Renye, when gunfire broke out, people inside the church bravely put themselves at risk to protect the children.
“They were shielding the children who were also present within the church, moving them to safety,” he said. “Just extreme courage.”
Chief Renye said law enforcement officers arrived at the church within 30 seconds of receiving a 911 call. The suspect was “neutralised” in the back parking lot within eight minutes by a Department of Natural Resources officer and a Grand Blanc Township officer, he said.
Michigan governor Gretchen Whitmer said in a statement that “my heart is breaking for the Grand Blanc community” after the shooting.
She added: “Violence anywhere, especially in a place of worship, is unacceptable. I am grateful to the first responders who took action quickly.”
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Genesee County sheriff Christopher Swanson said at around 12.20pm that the “entire church” was on fire, and confirmed that people who were at the church had been evacuated.
Around 20 minutes later, the police department said the fire had been contained.
Image: The incident took place at the Church of Jesus Christ of Latter-day Saints in Grand Blanc.
US attorney general Pam Bondi confirmed the FBI and the Bureau of Alcohol, Tobacco, Firearms and Explosives were responding to the incident.
US President Donald Trump said on Truth Social that “the suspect is dead, but there is still a lot to learn”, before saying the shooting “appears to be yet another targeted attack on Christians in the United States of America”.
He added: “PRAY for the victims, and their families. THIS EPIDEMIC OF VIOLENCE IN OUR COUNTRY MUST END, IMMEDIATELY!”
In the wake of the shooting and fire, the New York Police Department said it would deploy officers to religious institutions across the city “out of an abundance of caution”.
The incident occurred the morning after Russell M Nelson, the oldest-ever president of The Church of Jesus Christ of Latter-day Saints, died aged 101.
Shootings reported in North Carolina, New Orleans, Texas
Meanwhile, authorities responded to a mass shooting at a coastal town in North Carolina late on Saturday, where three people were killed.
Five others were injured in that incident, where someone opened fire from a boat into a crowd at a bar.
According to Sky News’ US partner network NBC, Nigel Max Edge, 40, was detained by the Coast Guard and charged with three counts of first-degree murder, five counts of attempted murder and five counts of assault with a deadly weapon on Sunday morning.
He remains in custody without bond, jail records show.
Another shooting took place at a south Texas casino early on Sunday, with seven people shot and two killed.
A woman was also killed, and three others were injured in Bourbon Street, New Orleans, early on Sunday after a shooting.
It was one sentence among the many words Donald Trump spoke this week that caught my attention.
Midway through a jaw-dropping news conference where he sensationally claimed to have “found an answer on autism”, he said: “Bobby (Kennedy) wants to be very careful with what he says, but I’m not so careful with what I say.”
The US president has gone from pushing the envelope to completely unfiltered.
Last Sunday, moments after Charlie Kirk‘s widow Erika had publicly forgiven her husband’s killer, Mr Trump told the congregation at his memorial service that he “hates his opponents”.
Image: President Donald Trump embraces Charlie Kirk’s widow Erika. Pic: AP
The president treats professional disapproval not as a liability but as evidence of authenticity, fuelling the aura that he is a challenger of conventions.
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“I’m really good at this stuff. Your countries are going to hell,” he told his audience, deriding Europe’s approach to immigration as a “failed experiment of open borders”.
Image: Mr Trump addresses the UN General Assembly in New York. Pic: Reuters
Then came a U-turn on Ukraine, suggesting the country could win back all the land it has lost to Russia.
Most politicians would be punished for inconsistency, but Mr Trump recasts this as strategic genius – framing himself as dictating the terms.
It is hard to keep track when his expressed hopes for peace in Ukraine and Gaza are peppered with social media posts condemning the return of Jimmy Kimmel to late-night television.
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2:29
Trump’s major shift in Ukraine policy
Perhaps most striking of all is his reaction to the indictment of James Comey, the FBI director he fired during his first term.
In theory, this should raise questions about the president’s past conflicts with law enforcement, but he frames it as vindication, proof that his enemies fall while he survives.
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0:49
Ex-FBI chief: ‘Costs to standing up to Trump’
Mr Trump has spent much of his political career cultivating an image of a man above the normal consequences of politics, law or diplomacy, but he appears to feel more invincible than ever.