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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 real estate firm JAACREShead 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.

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No. 7 Georgia Tech down 3 starters vs. Syracuse

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No. 7 Georgia Tech down 3 starters vs. Syracuse

No. 7 Georgia Tech will be without three starters — wide receiver Malik Rutherford, center Harrison Moore and nickelback Jy Gilmore — against Syracuse on Saturday.

All three were ruled out on the ACC availability report after suffering injuries during last week’s win over Duke.

Rutherford is tied for the Yellow Jackets’ lead with 23 receptions and two receiving touchdowns this season and ranks third on the team with 202 receiving yards.

With cornerback Ahmari Harvey out for the second straight week, Georgia Tech will be down two key secondary members against an Orange passing game that is averaging 294.3 yards per game (15th in the NCAA).

The Yellow Jackets are 7-0 for the first time since 1966, while their No. 7 ranking is the school’s highest since 2009.

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Utah QB Dampier now probable to face Colorado

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Utah QB Dampier now probable to face Colorado

Utah quarterback Devon Dampier has been upgraded to probable for the Utes’ game against Colorado, according to the updated Big 12 availability report released Friday night.

The junior quarterback has dealt with a lower leg injury this season, and coach Kyle Whittingham said Dampier “got beat up in this game pretty good” after the Utes’ 24-21 loss to rival BYU last weekend.

Dampier was initially listed as questionable Wednesday but progressed throughout the week and took reps in practice, sources told ESPN’s Pete Thamel.

The 5-foot-11, 210-pound junior, a transfer out of New Mexico, has started every game despite the injury and ranks sixth in the Big 12 in total offense with 1,375 passing yards, 442 rushing yards and 18 total touchdowns.

True freshman backup Byrd Ficklin played four snaps against BYU and would be in line to start if Dampier is unavailable Saturday against the Buffaloes (10:15 p.m. ET, ESPN).

Utah wide receiver Tobias Merriweather and defensive tackle Dallas Vakalahi were downgraded from doubtful to out against Colorado. Merriweather ranks second among Utes wideouts with 130 receiving yards on eight receptions this season.

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UNT QB Mestemaker has record 608 yards in win

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UNT QB Mestemaker has record 608 yards in win

CHARLOTTE, N.C. — Redshirt freshman Drew Mestemaker passed for a school-record 608 yards with four touchdowns as North Texas scored 37 unanswered points to beat Charlotte 54-20 on Friday night.

Mestemaker completed 37 of 49 passes with one interception in breaking the record.

He covered 80 yards with three passes — the final one a 41-yard scoring strike to Cameron Dorner — on the game’s first possession to put North Texas (7-1, 3-1 American) up 7-0.

Charlotte (1-7, 0-5) answered with Liam Boyd‘s 24-yard field goal and Grayson Loftis‘ 33-yard touchdown pass to Javen Nicholas to take a 10-7 lead into the second quarter. Loftis and Nicholas then teamed up for a 64-yard score in a one-play drive and Charlotte led 17-7.

Kali Nguma followed with a 29-yard field goal and Mestemaker hit Caleb Hawkins for a 6-yard score to tie it 17-all at halftime.

Charlotte had a drive stall at the North Texas 3-yard line to begin the third quarter and settled for Boyd’s field goal and a 20-17 lead. It was all Mean Green from there.

Mestemaker passed to Tre Williams III for a 30-yard gain to the Charlotte 1 and Kiefer Sibley ran it in on the next play to put North Texas ahead. Nguma added a 41-yard field goal for a 27-20 advantage after three quarters.

Mestemaker connected with Hawkins for a 7-yard touchdown, and Wyatt Young turned a short pass into a 70-yard score and a 20-point lead after the 2-point run failed. Sibley added a 45-yard touchdown run, and Ashton Gray scored on a 32-yard run to polish off the rout.

Young finished with nine receptions for 190 yards. Dorner caught seven passes for 117 yards, and Landon Sides hauled in five for 114.

Loftis totaled 295 yards on 20-for-36 passing for the 49ers. Nicholas had seven catches for 187 yards.

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