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.
Week 5’s slate of games did not disappoint as ranked matchups went down to the wire, and four of last week’s AP poll top-10 teams fell to their opponents.
LSU showed that it can’t seem to show out on both sides of the ball. It was a tough week for James Franklin and the Nittany Lions as they fell to yet another top-10 opponent, while Oregon coach Dan Lanning is saying that the Ducks’ Dante Moore is “the best quarterback in college football.” And Virginia, which upset then-No. 8 Florida State, now begins the task of showing that was no fluke.
What do LSU and quarterback Garrett Nussmeier need to improve on going forward? What has Moore done through Week 5 for his coach to be making such a big claim? What’s ahead for Tony Elliott and the Cavaliers?
Our college football experts break down key takeaways from Week 5 performances.
LSU coach Brian Kelly has a much-improved defense, one he said is capable of competing at a championship-caliber level. But so far, he hasn’t had the offense to go with it. And when the offense has found a groove, the defense has given up a big play — maybe because it’s exhausted. Kelly snapped at a reporter who questioned his offense after a 20-10 win against Florida, but there was no sugarcoating the Tigers’ ineptitude in Saturday’s 24-19 loss at Ole Miss.
“You start with the first half, where our inability to sustain anything on the offensive side of the ball put our defense on the field for over 50 plays,” Kelly said. “At the end of the day, when you put it all together for four quarters, we didn’t play complementary football. … We were out of sync with that.”
Quarterback Garrett Nussmeier, who entered this season as a projected first-round NFL draft pick, didn’t play like one. He was often off-target and made some bad decisions, throwing into coverage. The Tigers couldn’t run the ball. They’re banged up and young on the offensive line. This was a team that — according to Kelly’s summer declaration — should be a contender for the national title. But the performance in the loss to the Rebels indicated it might not be built to contend for the SEC title. — Heather Dinich
But through the quarter pole of the regular season, Oregon sophomore Dante Moore has impressed as much as any quarterback in the country in his first season as the starter.
On Saturday night, in front of a hostile White Out crowd at Penn State’s Beaver Stadium, Moore completed 29 of 39 passes for 248 yards and 3 touchdowns — without an interception.
But more impressive than the numbers, Moore showed immense poise. He hung tough in the pocket, calmly went through his progressions and delivered the ball accurately.
Moore also helped Oregon weather Penn State’s furious fourth-quarter comeback. After two straight touchdown drives sent the game to overtime, the Nittany Lions had all the momentum, especially after they opened the first overtime with another touchdown in three plays.
But Moore answered with a series of clutch plays to send the game to a second overtime. Then, on the ensuing snap, he threw a touchdown strike to Gary Bryant Jr. that proved to be the winner.
Oregon coach Dan Lanning said afterward that he believes the Ducks have the best quarterback in the country. Based on the way Moore is playing, Lanning might not be wrong. — Jake Trotter
Virginia’s win over Florida State no fluke
Tony Elliott and Virginia have endured more than any other program in the country since his arrival in 2022. That is what made its 46-38 double-overtime win over No. 8 Florida State on Friday night even more special.
Ten games into Year 1 under Elliott, Virginia players Lavel Davis Jr., Devin Chandler and D’Sean Perry were shot and killed after returning to campus from a class trip to Washington, D.C. The final two games of that season were canceled, and the weight of that trauma is something that never goes away.
On the field, Virginia struggled but showed flashes — wins against Top 25 teams in 2023 and 2024 — the steady drumbeat of progress sometimes hard for those outside of the program to see because the results had yet to get Virginia to a bowl game. Headed into this season, Elliott was given the chance to truly compete.
With a new football facility complete, Virginia made a massive investment in NIL and revenue share, allowing the Cavaliers to use the transfer portal in a far more meaningful way. They upgraded at nearly every key position — from quarterback Chandler Morris to running back J’Mari Taylor to receiver Cam Ross to defensive ends Mitchell Melton and Daniel Rickert — raising expectations for this season.
When Morris arrived in January, he said, “I didn’t come all the way to Virginia as a Texas boy to win five, six games. I want to win the conference championship.”
Those expectations have now ratcheted up further after the win over Florida State. ESPN FPI gives Virginia a 14.1% chance to win the ACC, the second-highest odds in the league behind Miami. When asked to reflect on the journey to get to this point after the game, Elliott specifically mentioned Davis, Chandler and Perry.
“I know what I signed up for,” Elliott said. “But for me, it’s really about the Davis family, the Chandler family, the Perry family, the coaches in that locker room, the staff, the players and just trying to be a model of that belief. There have been days that I didn’t know how I was going to do it, but as soon as I walk in the office and I see one of their faces, it reminds me why we’re here.
“I came here because I believe Virginia can be one of the premier football programs in the country to go alongside with being one of the premier academic schools. I knew it wasn’t going to be easy, and I didn’t know what adversity we were going to walk into, but here’s what I do know — adversity is a companion to a champion, an enemy to the weak. We had to embrace the adversity.”
There also is needed perspective. Virginia is 1-0, with a road game against undefeated Louisville next.
“We wanted to be in the driver’s seat and that’s all we did was keep ourselves in the driver’s seat,” Elliott said. “We’ve got to keep two hands on the wheel, put the seat belt on, make sure that we check the rearview mirror, make sure we’re awake so we don’t hit a pothole along the way.” — Andrea Adelson
Why aggressiveness is the only approach for Lanning, Kiffin
Oregon’s Dan Lanning and Ole Miss’ Lane Kiffin are on the short list of best coaches never to have won a national title (both have been part of championship teams as assistants). Whether either raises a trophy Jan. 19 in South Florida remains to be seen. Oregon might be a year away, with all of its youth, and Ole Miss likely had a more talented team in 2024, only to fall short of its first CFP appearance.
But Lanning and Kiffin have given themselves — and their teams — a chance at making history. And they’ve done so by being themselves — bold, aggressive and fearless in key situations. Oregon led Penn State 10-3 early in the fourth quarter and faced fourth-and-1 at the Nittany Lions’ 8-yard line. Rather than take a two-score lead against an opponent that had looked completely feeble on offense to that point, Lanning went for the touchdown, and Jordon Davison scooted into the end zone.
I have seen very few coaches go for the win like Lanning did in State College. Oregon needed the two-touchdown cushion as Penn State rallied to force overtime, but Lanning’s decision reinforced his belief in his team. The Ducks won in OT, giving Lanning arguably the best win of his young coaching career. Lanning’s boldness came back to hurt him early in his tenure, especially in losses to Washington, but the approach is unquestionably who he is, and he shouldn’t deviate from it.
Kiffin also stayed true to himself with Ole Miss protecting a 24-19 lead against LSU and facing fourth-and-3 at the Tigers’ 35-yard line. He trusted quarterback Trinidad Chambliss, a Division II transfer who has become one of the early stories of this season, to execute one final time, as Ole Miss gained 20 yards to secure the win.
Maybe Oregon and LSU lose if those conversions fail, but coaches like Lanning and Kiffin are at their best when playing pedal-down football. And it could lead them to the top this season. — Adam Rittenberg
Same old USC
When USC receiver Makai Lemon made yet another brilliant grab to put USC up 32-31 on Illinois with 1:55 left in the game, what happened next was very predictable. A pair of Illini fumbles bailed out USC to get to that point, but the Trojans had done almost nothing to slow down Illinois’ offense all game. So, when Illinois took over, it had no trouble bullying the USC front on the ground to get into field goal range for the walk-off win. This is who the Trojans are: a team that can occasionally excite, but ultimately still soft and devoid of winning DNA.
This was USC’s first real test of the season and, like it has so often over the past three years, it failed. USC should benefit as much as anyone in the NIL era, but instead, it continues to tread in mediocrity. — Kyle Bonagura
Kia wants your next vacation to be a little greener. ThePV5, Kia’s electric van, is getting a new role as a high-end people mover at eco-friendly luxury resorts.
Kia launches PV5 pilot at Red Sea Global’s luxury resorts
You can use the PV5 as a daily driver, delivery van, or even to start a pop-up mobile shop, but now it has found a new use.
Kia launched a new demonstration project on September 29 with Red Sea Global (RSG), one of the developers behind Saudi Arabia’s new gigaprojects.
The project is “the first step toward smarter mobility” as Saudi Arabia aims to break away from its oil-centric economy.
Advertisement – scroll for more content
Kia will provide the PV5 Passenger model for the demo, but promises much more is on the way. The Korean automaker will also help train workers, teaching them about electric vehicles, new technology, and other clean energy solutions.
Kia’s electric vans will be used as customized people movers at RSG’s new resorts and wellness tourism complex in Riyadh, Saudi Arabia.
The Kia PV5 electric van (Source: Hyundai Motor Group)
Breaking free from oil opens up a new market
The site, located along the Red Sea, is one of five gigaprojects designed to help the oil-rich nation reduce its dependence on fossil fuels.
Saudi Arabia’s plans, part of its Vision 2030 strategy, include a futuristic new city in Neom, an entertainment complex in Qiddiya, a residential development in Roshn, and a heritage site in Diriyah.
The Kia PV5 electric van (Source: Hyundai Motor Group)
Essentially, Saudi Arabia aims to transition from relying on oil revenue to power its economy to generating profits from tourism.
“Saudi Arabia is a very important market,” Jeong Ho-geun, Executive Vice President of Hyundai Motor Group’s Future Strategy Division, said, adding that the PV5 pilot is likely just the start.
Kia PV5 Passenger interior (Source: Kia)
A PV5 cargo designed for resort logistics and a custom PV5 conversion model could also be in the pipeline, the company said, which would be used at RSG’s high-end resorts. The larger PV7 electric van, set to launch in 2027, is “a possibility.”
With the PV5 arriving as a high-end shuttle in Saudi Arabia, will Kia launch it in other countries for use at resorts? It wouldn’t be a surprise.
Kia’s electric van is already rolling out in Europe, South Korea, and other global markets. The PV5 Passenger and Cargo, designed for personal and business use, are available in parts of Europe and South Korea.
During its PV5 Tech Day event over the summer, Kia revealed plans to launch seven new body types, including a “prime” luxury Passenger model, an open bed (similar to a pickup), and even a light camper version. What’s next?
FTC: We use income earning auto affiliate links.More.
A video circulating on social media this morning has electric bike fans cheering and Homeland Security officers scratching their heads after a man who is reported to be a delivery rider appeared to evade a group of Immigration and Customs Enforcement (ICE) agents in Chicago using nothing more than some quick footwork and an e-bike.
The short clip opens on a fairly routine city sidewalk scene, otherwise ordinary except for the group of around a dozen ICE agents, most with faces obscured and wearing a variety of mismatched uniforms and various military-style fatigues. There doesn’t appear to be any active law enforcement incidents or a clear reason for the large force, and the agents seem to be standing idly in a group on the sidewalk. The delivery rider can be seen walking his bike nearby and bending down to pick something up off the ground, which is followed by one of the agents lunging at him to try and grab him.
Startled, the man stumbles away, pushing his delivery e-bike with him and breaking into an awkward, zig-zagging escape. What follows looks more like a low-budget action comedy than a coordinated enforcement effort, as nearly a dozen ICE officers give chase in what looks like a confused herd. The video has been edited to add the Benny Hill theme song, further lightening the mood.
The rider, clearly no stranger to improvisation, darted past the agents while pushing his e-bike, sometimes switching directions to throw them off or using strangers as a screen to evade the officers, before finally hopping into the air and landing butt-first on his bike to zip away. The last few officers continued to chase the rider briefly as he increased the distance, before they eventually abandoned the pursuit and awkwardly returned to the sidewalk. The cyclist pedaled away, perhaps indicating that the likely throttle-enabled e-bike hadn’t even been turned on at the time.
Advertisement – scroll for more content
It’s unclear what prompted the attempted stop or if ICE agents were actually targeting the man specifically. Many have pointed out recently that such encounters are typical with ICE agents seen simply stopping people of color, often times delivery workers and other laborers.
One thing is for sure, though: As we’ve often said, e-bikes really may be the fastest way around a city, regardless of whether or not you’re being pursued.
Electrek’s Take
Obviously, if police are attempting to legally detain you, evading is not recommended. We don’t have enough context from the video to determine exactly why the ICE agents suddenly lunged at the man. From the video, the incident appears to have started after a single officer decided to attempt to grab the man, and not because he was the target of an investigation. Recent ICE roundups have been widely accused of selective enforcement, mostly preying upon people of color and in working-class areas.
ICE agents are only legally allowed to stop individuals if they have reasonable suspicion that the person has committed a crime, such as an immigration violation.
Electric bicycles continue to be one of the most effective ways to move quickly and efficiently around urban areas.
FTC: We use income earning auto affiliate links.More.