By Steve Cuozzo via NYPost.com on December 28, 2023
Although Fifth Avenue in Midtown reigns as the world’s priciest-to-rent shopping corridor with sidewalk-level stores charging $2,000 per square foot, according to Cushman & Wakefield, there soon might not be anywhere left to rent.
That’s because retailers are rapidly buying the buildings that are home to their glamorous stores. It happened again this week with news that Prada is grabbing a second building on the “world’s greatest shopping street” — 720 Fifth Ave. at East 56th Street, next door to 724 Fifth, which it announced last week it’s purchasing for $425 million.
The Italian fashion house’s latest buy, first reported by Bloomberg, is for $410 million. The transactions appear to represent the largest combined investment-sale purchases in the city this year. Eastdil Secured brokered both deals.
The seller in each case was billionaire retail developer-landlord Jeff Sutton, who’s under financial pressure at several of his other holdings. Ironically, Prada and Sutton were duking it out in court four years ago over renovations to 724 Fifth before peace broke out.
Direct Link: https://nypost.com/2023/12/28/business/prada-spree-shrinks-options-for-buyers-along-worlds-priciest-to-rent-shopping-corridor/