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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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Oilers ‘make it stressful,’ defeat Canucks in G7

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Oilers 'make it stressful,' defeat Canucks in G7

With a slightly fading voice and a ticket to the Western Conference final in hand, Connor McDavid said what many were surely thinking about his team’s latest performance.

“We know how to make it stressful,” McDavid told Sportsnet.

McDavid and the Edmonton Oilers saw their three-goal lead come under threat late in the third period with the Vancouver Canucks scoring twice. Even with those goals, the Oilers held firm in a 3-2 win Monday in Game 7 of the Western Conference final.

Now, the Oilers will travel to Dallas where they will face the Dallas Stars in the conference final for the right to advance to the Stanley Cup final. For the Oilers, this will be their second trip to the conference final in the last three years while the Stars are making a consecutive appearance.

Three second-period goals from Cody Ceci, Zach Hyman and Ryan Nugent-Hopkins meant the Oilers were 20 minutes away from the conference final.

Then, their lead was cut to 3-1 on a goal from Conor Garland with less than nine minutes left. Nearly four minutes later, Filip Hronek scored to cut the Oilers lead to 3-2 and give the Canucks new life with 4:36 remaining in the third.

Oilers coach Kris Knoblauch immediately called a timeout after Hronek’s goal, a decision that McDavid praised for a few reasons.

“I thought it was a great timeout,” McDavid told reporters. “Even Darnell (Nurse) he was getting guys together and showing great leadership. That’s what he is, a great leader. He’s big in this room and showed great leadership there bringing everybody in. … It just settled everyone down and we were able to close it out.”

Another aspect of that reset was it appeared to have played a role in the Oilers preventing what could have been another comeback. It started in Game 1 when the Oilers lost a three-goal lead to lose 5-4, which began a trend of the Canucks winning their three games after previously trailing.

Except that didn’t happen Monday.

The Canucks not only struggled to setup in the Oilers’ zone following the timeout, but they failed to get a clean look on net. Dylan Holloway blocked Nikita Zadorov‘s shot while Leon Draisaitl used his stick to disrupt passing lanes before Hyman blocked Hronek’s final attempt with three second left.

“They’re a good team, you give them any life, they’re going to push,” Nugent-Hopkins said. “I thought we did a great job of sticking with it, staying composed and not imploding and having each other’s backs.”

For the Canucks, losing Game 7 brings an end to a season that initially started with questions and finished being one of the best campaigns in the club’s history.

The decision to fire Bruce Boudreau in January 2023 and hire Rick Tocchet saw the Canucks go through growing pains as part of a transition that saw them win 20 of the 36 games in which Tocchet was in charge last season.

Tocchet’s teachings carried over into the start of a 2023-24 season that saw the Canucks go from early season surprise to a team that could seriously contend for a Stanley Cup. After splitting the first two games of their quarterfinal series against the Predators, all but one of the Canucks’ remaining playoff games were decided by a goal.

“S—. I mean, I’ve lost games in junior that I still stay up at night and think about,” Garland said. “This will hurt for a long time.”

Being able to tie the game after falling behind early comes as the Canucks were without star winger Brock Boeser. The 27-year-old, who led the team in goals and points, was ruled out for Game 7 after it was reported Sunday that a blood-clotting issue was found in his leg.

Losing Boeser on the eve of one of the biggest games in franchise history came in a postseason that saw the Canucks play all but one game without star goaltender and Vezina Trophy finalist Thatcher Demko, who was injured after Game 1.

As was the case with Demko, the Canucks said after the game they didn’t see losing Boeser as an excuse for why they lost.

“I don’t feel sorry for us. I feel sorry for Brock,” Miller said. “He’s worked his ass off all year long and had a career year. With how far he’s come as a player since I’ve been here. Being out there, blocking shots with the goalie pulled. He’s that type of player. For him not to be out there today must suck for him and I feel for him. It’s not about us right now. It’s about being there for him.”

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Sweden stays perfect; Britain, Poland relegated

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Sweden stays perfect; Britain, Poland relegated

PRAGUE — Sweden beat France 3-1 to preserve a perfect record at the ice hockey world championship and clinch a group top spot Monday.

Lucas Raymond scored and added an assist, defenseman Erik Karlsson scored his fourth goal of the tournament on a power play, and Andre Burakovsky had an empty net goal for Sweden to record a sixth win in six Group B matches.

Charles Bertrand scored the lone goal for France, which is seventh.

In Group A, Norway beat last-place Britain 5-2 and was sixth.

The Brits remain pointless with a game to go in the group stage and are relegated after one year in the top division.

Later Monday, Hannes Bjorninen and Rasmus Rissanen scored 1:37 apart in the final period to help Finland pass Denmark 3-1, a result that keep the Finns in contention for fourth place in the group and a playoff spot.

Finland has three more points than Austria with both to play one more game. In their encounter, Austria defeated Finland 3-2 and would advance if they are tied on points.

In Group B, Kazakhstan rallied past newcomer Poland 3-1. Poland qualified for the worlds after 22 years only to be immediately relegated after collecting only one point. Kazakhstan moved to sixth with six points.

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Iranian protesters express ‘joy’ over death of President Ebrahim Raisi in helicopter crash

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Iranian protesters express 'joy' over death of President Ebrahim Raisi in helicopter crash

Iranian protesters have expressed “joy” over the death of President Ebrahim Raisi who was dubbed the “Butcher of Tehran”.

Speaking to Sky News’ The World With Yalda Hakim, three Iranians spoke on the condition of anonymity over fears of being tracked down by the country’s regime.

A protest leader – who is currently in hiding – suggested Sunday’s crash, that also killed Iran’s foreign minister, was “pre-planned”.

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Rescuers reach helicopter crash site

“We may not be across everything, but it’s been a known fact for a long time that Raisi was a serious contender to replace the Supreme Leader Khamenei, and perhaps some didn’t want that to happen.

“But all in all, this was very good news.

“All I can say is that the only thing that has made me truly happy over the past five years has been the news of Raisi’s death.”

Iranian President Ebrahim Raisi speaks during a meeting in Azerbaijan on Sunday. Pic: Reuters
Image:
Ebrahim Raisi. Pic: Reuters

Mr Raisi’s time in charge included major protests over Mahsa Amini – the woman who died after she was arrested for allegedly not wearing her hijab properly.

The US said Mr Raisi had “blood on his hands” as the former hardline cleric was “a brutal participant in the repression of the Iranian people for nearly four decades”.

Iran also took the unprecedented decision in April to launch a drone and missile attack on Israel.

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Iranians mourn death of president

A 23-year-old student – who has taken part in a number of protests – said: “The death of Raisi has made the people of Iran very happy.

“On the streets, people were handing out sweets, they were smiling at each other.

“That’s the extent to which this news has spread joy amongst people.”

Read more:
Who was hardliner Iranian president Ebrahim Raisi?
‘Butcher of Tehran’ had fearsome reputation – many will fear instability

Raisi’s death may not mean immediate change for Iran


Dominic Waghorn - Diplomatic editor

Dominic Waghorn

International affairs editor

@DominicWaghorn

From the voices speaking out on The World with Yalda Hakim from inside Iran there was a sense of celebration on the eve of the funeral of their dead president but also a sense of realism.

One dead president the fall of a regime does not make. That is the bitter truth for those brave Iranians speaking out and the millions of Iranians they represent. They detest a man who presided over a brutal crackdown on protests that saw hundreds killed on the streets, and thousands incarcerated, tortured, raped or killed after their arbitrary arrest.

But there are reasons for Iranians to find some hope in the news of the president’s death.

Analysts have compared the Iranian theocratic Islamic regime to the Soviet Union in its dying days.

It is ideologically bankrupt. Its people do not believe in what it stands for anymore. It is morally bankrupt too, after the brutal repression that crushed the Women, Life and Freedom protests. But it remains powerful, with many people on its payroll and it is hard to predict how or when it falls.

Iran’s people want one thing though, and its government the opposite, and that ultimately is impossible to sustain.

Raisi had a unique skill set. He was both a zealous idealogue and an ex-judge. A man who understood how both Iran’s judiciary and presidency works. He combined a passionate belief in the Iranian revolution with an expertise in how its regime operated.

It has been said many times in the last 24 hours that Ayatollah Khamenei, Iran’s supreme leader, will find another hardliner to replace him. There are plenty more where he came from.

But no one with quite his skills and expertise. That may not be important immediately but at the moment of greatest danger in the not so distant future when Khamenei dies, it could make all the difference.

With no anointed successor, the supreme leader’s passing could usher in a period of instability and weakness for the regime. Raisi was seen as a potential successor but also a powerful stabilising force as president in that perilous hiatus, someone who could hold the ring while the new order is established and power struggles fought out.

Raisi’s death may well not mean immediate change for Iran but it could ultimately hasten its end.

A housewife, who was beaten up for taking parting in the “Woman, Life, Protest” movements, said: “The public hatred towards this regime is not a secret to anyone.

“Raisi’s death proved that the pain that this inflicted on our people will one day hit them back.

“My personal reaction to the death of Raisi… I was very happy.

“I’m not upset at all. Even though I never wish death on anyone, but this man, not only did he not do anything for our nation, but he ordered the death of countless young innocent people.”

Following news of Mr Raisi’s death, US State department spokesperson Matt Miller said the Iranian president “was involved in numerous horrific human rights abuses, including playing a key role in the extra judicial killing of thousands of political prisoners in 1988”.

“Some of the worst human rights abuses occurred during his tenure as president, especially the human rights abuses against the women and girls of Iran,” he added.

The US approach to Iran “will not change” because of Mr Raisi’s death, Mr Miller said.

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