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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 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.

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New team, new timeline? What to expect out of Ritchie, Minten, other traded NHL prospects

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New team, new timeline? What to expect out of Ritchie, Minten, other traded NHL prospects

The 2025 NHL trade deadline featured some major players on the move and vaulted both the Florida Panthers and Dallas Stars to the top of the Stanley Cup contender conversation.

Close behind them are the Colorado Avalanche, Toronto Maple Leafs, Edmonton Oilers, Carolina Hurricanes and Winnipeg Jets. Many of those teams moved high-end prospects to bolster their lineup, meaning some less-competitive teams got key pieces for their future.

How will those prospects impact their new teams? When will they play meaningful minutes at the NHL level? Teams and their fans are asking all those questions. Here are scouting notes on eight of the most prominent, including Calum Ritchie, Fraser Minten and Brendan Brisson.

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Fights, penalties fill wild 3rd in Sabres-Wings

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Fights, penalties fill wild 3rd in Sabres-Wings

DETROIT — Buffalo‘s Alex Tuch and Detroit captain Michael Rasmussen were the first to drop the gloves in the fight-filled third period of the Red Wings’ 7-3 victory Wednesday night.

They weren’t even among the 11 players assessed 10-minute misconduct penalties in the final frame. Six were from Buffalo, the other five from Detroit.

The final tally from the third: 136 of the game’s 150 penalty minutes, all but two of those either roughing, fighting or misconducts.

The scuffles, including a near-brawl with multiple simultaneous fights, overshadowed the fourth five-point night of Patrick Kane‘s 18-year career in the highest-scoring game of the season for the Red Wings, who stopped a six-game losing streak. Kane had two goals and three assists.

The Detroit lead was 6-3 when Tuch and Rasmussen faced off with eight minutes remaining. They posed with their fists raised for almost as long as the fight lasted, which was only a few seconds.

Less than a minute later, Detroit’s J.T. Compher and Jordan Greenway of Buffalo got tangled up. After the whistle, their scrum was very brief — but bad enough that both went to locker room with game misconducts. Greenway gave officials an ear full on his way off the ice.

The other nine misconducts came at the 16:51 mark, punctuated by one of the referees announcing a roughing penalty for Detroit defenseman Simon Edvinsson before saying, “All the other guys are going to have a misconduct.” The list included Edvinsson.

Buffalo had just five players on the bench by game’s end after Beck Malenstyn was sent off for roughing in the final minute along with Detroit’s Moritz Seider.

“There was a lot of emotion out there,” the Sabres’ Tage Thompson told reporters. “And we had a lot of frustration with how things had gone during the game.”

Information from The Associated Press was used in this report.

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Rantanen happy in Dallas, denies ex-coach’s claim

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Rantanen happy in Dallas, denies ex-coach's claim

FRISCO, Texas — Newly acquired Dallas Stars forward Mikko Rantanen says he’s pleased with where he landed while denying his former coach’s claim that he gave Carolina a list of teams he preferred in a trade, and the Hurricanes weren’t on it.

Rantanen addressed reporters after his first practice with the Stars on Wednesday. He played two games in Canada on a four-game road trip interrupted at the halfway point by a four-day break.

The star forward had a goal and an assist in a 5-4 loss to Edmonton on Saturday, then scored again on an empty-netter in a 4-1 victory in Vancouver the next night.

The Stars play at Central Division-leading Winnipeg on Friday before a Sunday visit to Colorado. Rantanen was abruptly traded by the Avalanche to Carolina on Jan. 24, then moved again with the Hurricanes worried they would lose the 28-year-old in free agency without getting anything in return.

Carolina coach Rod Brind’Amour told a radio station in Raleigh, North Carolina, this week that Rantanen told the front office he was only willing to sign his next contract with four teams, and Carolina was not on that list.

“I saw some things were said that I had a list of teams ready when I went (to Carolina), but that’s false,” Rantanen said. “Obviously, it was a big shock to leave Colorado, but I went (to Carolina) with an open mind and tried my best on the ice.”

The Dallas deal came together the morning of the trade deadline Friday, after Stars general manager Jim Nill went to bed the night before believing the sides wouldn’t be able to agree on a contract extension to complete the deal.

Rantanen signed an eight-year, $96 million contract with Dallas as part of the trade. The Hurricanes acquired promising young forward Logan Stankoven along with two first-round picks and two third-rounders.

“When I put the jersey on there, I tried my best and just decided just a little bit before the deadline that Carolina would probably get a better return for me if I would do a sign and trade,” Rantanen said. “That it would be better for their team rather than me being a rental and going somewhere to play. So that was the decision. I want to make it clear that I was open-minded in Carolina and really thought about staying there.”

Rantanen will have to wait to see how fans react to his return to Colorado. The 10th overall pick of the 2015 draft spent his first nine-plus seasons with the Avalanche, getting 681 points (287 goals, 394 assists) in 619 regular-season games. He has 101 points (34 goals, 67 assists) in 81 playoff games.

“Colorado was always where I wanted to stay, but I understand it’s business and they made a decision,” Rantanen said. “I tried my best in Carolina and I’m here now and I’m so happy to be here, locked in for eight years with a good team and with good coaches. I’m thankful for Dallas to have the trust in me.”

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