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.
Moldova’s pro-EU party seems to have secured a strong win against its Russia-leaning rival in what has been described as the most consequential election since the country’s independence.
With more than 99% of votes counted, Moldova’s ruling party, the Party of Action and Solidarity (PAS), had a share of 49.99%, versus 24.28% for the Patriotic Bloc, which opposes closer ties with Brussels.
Holding a majority in the 101-seat chamber would allow PAS to keep pushing for its goal of joining the EU.
If it falls short, it will have to try to form a coalition with smaller parties.
The Patriotic Bloc aims to win power and steer the nation – a former Soviet republic – away from closer ties with Brussels and the EU.
Moldova’s pro-Western president Maia Sandu, who wants the country to join the EU by 2030, reiterated long-held claims that Russia has interfered with elections.
Image: Moldova’s President Maia Sandu casts her vote during parliamentary election, in Chisinau, Moldova. Pic: AP
After casting her ballot, she said: “Russia poses a danger to our democracies. Our democracy is young and fragile, but that does not mean that states with longer democracies are not in danger.
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“We want to live in a democracy.”
In the build up to the election, Prime Minister Dorin Recean warned that Russia was spending “hundreds of millions” of euros as part of an alleged hybrid war to try to seize power, which he described as “the final battle for our country’s future”.
PAS leaders, including the party’s leader Igor Grosu, have called vote the most consequential in Moldova since independence.
Image: Igor Grosu, president of Moldova’s parliament and leader of the pro-EU Party of Action and Solidarity speaks to the media.
Pic: AP
Moscow has always denied meddling and says the government is spreading anti-Russian hysteria to win votes.
Election day itself was marked by a string of incidents, ranging from bomb threats at multiple polling stations abroad to cyber attacks on electoral and government infrastructure.
Police also detained three people suspected of plotting to cause unrest after the vote.
French President Emmanuel Macron hailed the apparent results of the elections as he said on X: “Despite attempts at interference and pressure, the choice of Moldovan citizens has been strongly affirmed.
“France stands alongside Moldova in its European project and its drive for freedom and sovereignty.”
EU Commission President Ursula von der Leyen said: “Moldova, you’ve done it again.”
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Moldova is landlocked between Ukraine and Romania.
The country of about 2.5 million people has spent recent years on a Westward path and gained candidate status to the EU in 2022, shortly after Russia launched a full-scale invasion of Ukraine.
If Moldova becomes a permanent EU member, it would mean a distancing from Moscow, as the EU has offered support to Ukraine and has put various sanctions in place against Russia.
However, candidate status does not guarantee a country membership to the EU.
In order for a country to become a full member, candidates must adopt democratic norms and undertake reforms to meet EU rules, regulations and standards.
All EU governments then have to agree before that country can be admitted as an EU member.
Sadiq Khan has hit back at politicians “spreading misinformation” about safety in London as new data shows the number of violent crimes leading to injury has fallen in every borough over the past year.
Figures from the mayor’s office for policing and crime compare the 12 months ending in August 2025 with the previous 12 months – and show there were 8,749 fewer crimes which resulted in someone being hurt, a drop of nearly 12%.
The borough of Havering in east London recorded the largest drop (16.3%) followed by Enfield in north London (16.1%).
The smallest decreases were in Greenwich (4.3%) and Kensington and Chelsea (4.6%).
Sir Sadiq said: “We’ve seen a number of politicians here and across the globe talking down London and spreading misinformation about crime and safety in the capital.
“The evidence is clear, our approach to tackling crime and its complex causes works. It’s driving down violence right across the capital.”
His comments come after Donald Trump reignited his feud with Sir Sadiq earlier this month by accusing him of doing a “terrible job” and claiming “crime in London is through the roof”.
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The US president also hit out at the mayor in a speech at the UN General Assembly on Tuesday, where he also made the outlandish claim that London “wants Sharia law” – something there is no evidence for.
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Trump attacks UN and London mayor
Asked about the attacks, Sir Sadiq said: “I think President Trump has shown he is racist, he is sexist, he is misogynistic, and he is Islamophobic.”
He added that the public would be “wondering what it is about this Muslim mayor who leads a liberal, multicultural, progressive, successful city that means I appear to be living rent-free inside Donald Trump’s head”.
According to the mayor’s office, overall homicides in London are at a 10-year low, and the city’s rate is lower than in Berlin, Brussels, Madrid, Paris and all major US cities.
The rate of homicide was down by 17% in the 12-month period to June this year compared with the 12-month period to May 2016, it previously said.
Image: Sir Sadiq speaks with a police officer during a walkabout in the West End earlier this year. File pic: PA
Metropolitan Police Assistant Commissioner Rachel Williams said: “We’re targeting the most dangerous individuals, disrupting criminal networks, and investing in prevention to protect those most at risk.
“That’s why fewer people are being hurt, fewer lives are being lost, and London is becoming a safer city.”
The Conservatives rejected the suggestion that London is safer.
Image: Shadow home secretary Chris Philp claims ‘London isn’t safer’
Shadow home secretary Chris Philp said: “Under this Labour mayor, criminals know the odds are stacked in their favour.
“Only one in 20 robberies is solved, fewer offenders are being jailed, and more than a thousand police officers have been cut from the Metropolitan Police, with Sir Mark Rowley warning of further losses this year.
“Londoners don’t feel safer because London isn’t safer.”
Model Penny Lancaster has said she “felt ashamed and belittled” by how former MasterChef host Gregg Wallace treated her on the TV show.
Lancaster, who is also a TV personality, and is married to singer Rod Stewart, told Sky News’ The UK Tonight with Sarah-Jane Mee programme that she also felt let down by MasterChef’s production company Banijay UK.
“I didn’t feel like I was supported in that moment, I felt ashamed and belittled by the way Greg Wallace had treated me but equally I felt disappointed that the production company hadn’t come to my rescue,” Lancaster, 54 and a MasterChef contestant in 2021, said.
“There is a long way to go, but just by people coming forward and being honest about their experiences I think will help in the long term.”
At the end of July, Wallace, 60, apologised after a report commissioned by Banijay UK, and carried out by law firm Lewis Silkin, found 45 out of 83 allegations against him were substantiated.
Sir Rod Stewart criticised Wallace on Instagram in November 2024 and claimed he “humiliated” his wife when she was on the show.
He wrote: “Good riddance Wallace… You humiliated my wife when she was on the show, but you had that bit cut out didn’t you?
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“You’re a tubby, bald-headed, ill-mannered bully.”
He has previously apologised to people he has hurt, saying in July that he knows he has said things that have offended people. He has denied a specific allegation of unwanted touching.
The BBC referred Sky News to their statement from July, in which the corporation said: “Although the full extent of these issues were not known at the relevant time, opportunities were missed to address this behaviour – both by the production companies running MasterChef and the BBC. We accept more could and should have been done sooner.
“We want to thank all those who took part in the investigation, including those who first raised concerns directly with the BBC in November last year. We apologise to everyone who has been impacted by Mr Wallace’s behaviour.”
Image: Penny Lancaster speaks to Sarah-Jane Mee
Banijay UK, the producers of MasterChef, told Sky News: “We are extremely sorry to anyone who has been impacted by any inappropriate behaviour by Gregg Wallace whilst working on our shows and felt unable to speak up at the time or that their complaint was not adequately addressed.
“Ways of reporting concerns whilst working on our productions, protocols around behaviour and training for both cast and crew, have improved exponentially in recent years and we constantly review welfare procedures across our productions to ensure that they are as robust as they can be.”