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.
A university academic who is receiving “substantial damages” for how he was portrayed in a film has told Sky News he hasn’t received an apology from star Steve Coogan – nor the two companies involved in its production.
Richard Taylor said he was “shell-shocked” after seeing The Lost King for the first time, a film about how Richard III’s skeleton was discovered below a car park in Leicester.
He told The UK Tonight with Sarah-Jane Mee:“I wasn’t consulted or even knew I was in the film. The first I hear is I get a phone call while I’m on holiday – and eventually, after press previews, I persuade the producers to let me see a preview.”
Image: Richard III
Last year, a judge ruled that Mr Taylor was depicted as “smug, unruly dismissive and patronising” – with the plot suggesting he “knowingly” misled the public.
“I’m portrayed by someone on screen who looks like me, who sounds like me, who dresses like me – but behaves in a way that falls so far short of the standards I set for myself and what others might reasonably expect of me,” the academic explained.
Mr Taylor revealed he received emails at work telling him to “rot in hell”, while others described him as a “disgrace”.
He added: “Something that was a collaborative effort that showcased the best of British universities in my view was turned into this farce – where I was the villain and portrayed in a way that was completely inconsistent with the reality and the truth.”
Now chief operating officer at Loughborough University, Mr Taylor said “none of the facts” in the 2022 film were ever checked – and the Alan Partridge star, his company Baby Cow and Pathe Productions did not reach out to him before its release.
“The producers just went ahead, filmed it, produced it, stuck it out there and left me to deal with all the flack and all the fallout from it. Grossly unfair and I feel vindicated from the result we’ve achieved,” he told Sky News.
Image: Steve Coogan and two production companies have agreed to pay ‘substantial damages’. Pic: PA
‘The film’s going to look pretty silly’
As part of the settlement, an on-screen clarification will now be added to the start of the film, but no scenes will be removed.
When asked whether he was satisfied with this outcome, Mr Taylor replied: “I’d have liked them to re-edit the film, but one’s got to be realistic about what one can achieve.
“The insertion of the card will say that the person on screen is a fictitious portrayal – and the real Richard Taylor didn’t behave like that … so the film’s going to look pretty silly.”
Image: The statue of Richard III outside Leicester Cathedral. Pic: Shropshire Matt/PA
The case was due to proceed to trial, but a High Court hearing on Monday heard that the parties had settled the claim.
In a statement afterwards, Cooganhad said: “If it wasn’t for Philippa Langley, Richard III would still be lying under a car park in Leicester. It is her name that will be remembered in relation to the discovery of the lost king, long after Richard Taylor has faded into obscurity.”
He went on to add: “That is the story I wanted to tell, and I am happy I did.”
Reacting to the statement, Mr Taylor argued “it’s a pretty strange definition of happy when you’ve had to settle a defamation claim for seven figures in costs”.
He said: “Steve is never anything other than certain in himself and of his own position, but I think he’s got it wrong – basic facts were not checked.”
After an epic Game 3 that went a record-tying 18 innings, Game 4 of the 2025 World Series will be a true test for both the Los Angeles Dodgers and Toronto Blue Jays. Can the Dodgers ride the high of Freddie Freeman‘s walk-off home run to a third straight victory, or will the Blue Jays’ bats bounce back to tie the Fall Classic at two games apiece? What will Shohei Ohtani — who will be on the mound for L.A. — do for an encore after a history-making night at the plate?
Jesse joined ESPN Chicago in September 2009 and covers MLB for ESPN.com.
LOS ANGELES — Toronto Blue Jays star George Springer was not in the starting lineup for Tuesday’s Game 4 of the World Series after leaving Monday night’s game against the Los Angeles Dodgers with right side discomfort.
Springer, 36, suffered the injury on a swing in the seventh inning of Game 3, exiting not long after calling for the athletic trainer.
Springer underwent an MRI, but the team wasn’t forthcoming about the results, with manager John Schneider indicating only that Springer was “hour-to-hour.”
“I think swinging will be the key to kind of determine if he’s in there or not,” Schneider said earlier Tuesday, not long before the lineup was announced. “But he was the first one here, a lot of treatment, a lot of work, and George is going to do everything he can to be ready.”
Springer has been a key offensive cog and leader during the Blue Jays’ postseason run. He has four home runs this month to go along with an .884 OPS, including a three-run homer in Game 7 of the American League Championship Series against the Seattle Mariners.
He injured his right knee on a hit by pitch in that series but was able to start the next day.