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.
Heybike has launched its Labor Day Sale that is taking up to $600 off its e-bike lineup in what looks to be segmented periods with fresh deals every handful of days. With the brand having just released its new Ranger Pro 3.0 and Mars 3.0 e-bikes two weeks ago, we’re seeing the predecessor models getting some significant savings, with the Mars 2.0 Folding Fat-Tire e-bike seeing a first-time bundle that gives it an extra battery at $1,199 shipped. This bundle would normally run you $1,848 with everything at full price, giving you a first-ever $649 savings bundle that doubles your commuting range, though if you don’t care about the battery, you can pick up the usual package at $999 shipped. Don’t dawdle on decisions, though, as there is a timer counting down until this deal ends in a few days.
This is quite an affordable long-distance bundle to score on Heybike’s Mars 2.0 e-bike, which, alongside the Ranger S e-bike, has become a popular budget-friendly option – especially with deals like this one. Each of these 600Wh batteries provides you with a 45-mile pedal-assisted range, with a throttle available that gives you pure electric mobility at a reduced mileage (although with two batteries, it’s not as much of a concern how much you rely on it). There is no option to upgrade the motor with this bundle, so you’ll be getting the standard 750W motor (1,400W peak) that carries you at up to 20 MPH speeds unless your state’s local laws allow for the unlocked 28 MPH top speed.
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Over the years I’ve come to love folding commuters more and more, especially as a New Yorker who lives in tighter apartment spaces, and you just can’t beat the compacting design in my case. There’s plenty of solid stock features on Heybike’s Mars 2.0 e-bike coming along too, like the puncture-resistant fat tires (with fenders over each) that prevent premature endings to your journey, as well as an integrated cargo rack that’s great for carrying bags, groceries, and other cargo in your day-to-day schedule. You’ll also enjoy the LED headlight and taillight combo, a 7-speed Shimano derailleur, and an LED screen for all your setting adjustment needs.
And be sure to check out our launch coverage of Heybike’s two newest models, the Ranger Pro 3.0 Folding Fat-Tire e-bike and the Mars 3.0 Folding Fat-Tire e-bike, which come with the brand’s new Galaxy Perform eDrive System, as well as extended travel ranges, and tons of new features, like the NFC start-up.
Mango’s monstrous Power E 3,500Wh CATL station gets an exclusive $2,900 price cut to returning $899 low
Our readers can now take advantage of an exclusive Wellbots deal on the Mango Power E 3,500Wh Portable Power Station at $899 shipped, after using the exclusive code 9TO5MANGOP700 at checkout. The website has already dropped it from its $3,799 price tag to $1,599, and using our exclusive code you’ll be scoring an additional $700 discount for a massive $2,900 combined savings. We’ve had this same deal to offer once before back in March, with folks getting a second chance at these massive savings today at the best price we have tracked.
Water up to 4,800 square feet with Aiper’s latest IrriSense smart irrigation system at a new $500 low (Save $200)
Through its official Amazon storefront, Aiper is offering a lower-than-ever price on its new IrriSense Smart Irrigation System at $499.99 shipped, which matches in price directly from the brand’s website. This new release only hit the market in May with a $700 price tag that we’ve only seen drop to $600 a few times in the months since, most recently during last month’s Prime Day event. Things are dropping even lower here now, though, with a larger-than-ever $200 markdown that lands it at a new all-time low price.
Aventon’s new security-packed Pace 4 smart step-through cruiser e-bike gets second-ever discount to $1,699 low
As part of its Final Summer Sale running through September 3, Aventon is offering a second chance at cash savings on its new Pace 4 Smart Step-Through Cruiser e-bike for $1,699 shipped. This newer model hit the scene back in April with a full $1,799 price tag, which only saw occasional bundle packages tacked on until the brand’s July 4th sale offered the first discount to this same rate. Now the $100 markdown is coming back around for the second time, officially solidifying this price as the lowest tracked.
Get 768Wh or 864Wh personal backup power with Bluetti’s AC70 or AC70P LiFePO4 stations starting from $329
By way of its official Amazon storefront, Bluetti is offering its AC70P Portable Power Station at $479 shipped, which beats out the direct pricing from the brand’s website by $170. While this model carries a $699 MSRP direct from the brand, we see it typically selling for $649 at Amazon, with discounts having kept the costs between $499 and $479 recently. The deal here gives you a 26% markdown off the going rate for $170 in savings ($220 off the MSRP) at the third-best price we have tracked, which has only been beaten by the $469 low we saw pop up during Black Friday and Cyber Monday sales and a one-time exclusive deal to $357 in December. Head below for more on this model and its cheaper counterpart that comes with bundle options.
Get Greenworks’ newest pro-grade 3,000 PSI electric pressure washer at $330 for today only
As part of its Deals of the Day, Best Buy is offering the newer Greenworks Pro 3,000 PSI Electric Pressure Washer for $329.99 shipped, which beats out both Amazon and the brand’s direct website pricing, where both are sitting at their full $450 MSRP. Over at Best Buy, though, we see it starting at $400, with discounts over the year having gone as low as $285 in a previous one-day sale, dropping under the $292 Amazon low. The one-day-only deal here comes as a $70 markdown ($130 off the MSRP) that lands it at the third-lowest price we have tracked.
Navee GT3 Max Smart Electric Scooter (code SCHOOL15): $561 (Reg. $750)
Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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Private renewable energy projects are still moving forward despite a pullback in government support, and new technology is making that construction more efficient.
Solar farms, for example, take meticulous planning and surveying, involve long hours and require significant labor. Now, robots are taking on the job.
CivDot is a four-wheeled robot that can mark up to 3,000 layout points per day and is accurate within 8 millimeters. The machine can ride over rugged terrain and work through rough weather.
It is the brainchild of California-based Civ Robotics.
“Our secret sauce and our core technology is actually in the navigation and the geospatial — being able to literally mark coordinates within less than a quarter inch, which is very, very difficult in an uneven terrain, outdoor surfaces, and out in the desert,” said Tom Yeshurun, CEO of Civ Robotics.
The data for manual surveying is uploaded into the Civ software, then the operator chooses the area they want to mark and presses go. The robot does the rest, saving both time and money.
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“The manual surveying equipment, if you use that in the field and you have three crews, they will need three land surveying handheld receivers. That alone is already equal to how much we lease our machines in the field, and all the labor savings is just another benefit,” Yeshurun said.
Civ Robotics has more than 100 of these robots in the field that are primarily being used by renewable energy companies, but they are also used in oil and gas. It is currently working with Bechtel Corporation on several solar projects.
“These were usually pretty highly paid field engineers that we would send out there, and they might be able to do 250 or 350 pile marks a day. With the CivDot robot, we’re able to do about 1250 a day,” said Kelley Brown, vice president at Bechtel.
Brown said the company has used the robot in thick and muddy terrain in Texas and out in the deserts of Nevada.
“And so you have to think about things like the tires, or you may have to think about clearance. Are you trying to get over existing brush and such, across the solar field? So that’s one thing that we contemplate. I think the other is, you know, this runs on batteries, so you’ve got to contemplate battery swaps,” she added.
Civ Robotics is backed by Alleycorp, FF Venture Capital, Bobcat Company, Newfund Capital, Trimble Ventures, and Converge. Total VC funding to date is $12.5 million.
There are other robotics solutions for markings, but the competition is mostly doing work on highways and soccer fields. Yeshurun said those rivals can’t handle the terrains that the solar industry faces as it expands into new territories.
CNBC producer Lisa Rizzolo contributed to this piece.