(Added advisor in last paragraph)
Italian fashion house Prada 1913.F paid $425 million to buy the Fifth Avenue building in New York that currently houses its store, the company announced Wednesday.
Prada, which has leased its five-story store at 724 Fifth Avenue since 1997, said it paid the price in cash using its internal resources.
“The board of directors believes that the location of the property offers high strategic value, characterized by increasing rarity and long-term potential,” Prada said in its statement.
He added that the property, a building of 12 floors in total, could also provide office and warehouse space for the Hong Kong-listed company, in addition to its retail space.
New York’s Fifth Avenue is the most expensive shopping street in the world, according to a global ranking compiled by real estate services firm Cushman & Wakefield.
The Americas region has been a weak point for Prada this year, with retail sales down 1.3% in the first nine months, contrasting with double-digit growth in the Asia-Pacific markets, from Japan and Europe
Real estate investment bank Eastdil Secured advised the seller, 724 Fifth Fee Owner LLC, on this transaction.
2023-12-20 15:17:02
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