Prada Set to Build Luxury Skyscraper in Manhattan
Prada is set to build a new skyscraper in Manhattan, with plans for a store on the ground floor and luxury housing and office space above. The deal with Related is nearing completion, while LVMH has filed plans for a 25-story tower at 1 E. 57th Street.
Prada's purchase of two Fifth Avenue buildings for $835 million in late 2023 has led to this latest development. The luxury retailer has been searching for development partners since the start of this year, meeting with Vornado and SL Green before choosing Related. The new skyscraper, planned to be around 225,000 square feet, will replace the existing Prada store at 724 Fifth Avenue, which may require temporary relocation during construction.
Prada's acquisition was considered pricey, but it reflects the high demand and competitive pricing in Manhattan's luxury real estate news. Meanwhile, LVMH is also expanding its presence in the city, with plans for a 25-story tower at 1 E. 57th Street.
Prada's partnership with Related for the new skyscraper is expected to create a significant luxury retail and residential space in Manhattan. The deal is close to finalization, with Prada potentially relocating during the construction process. LVMH's plans for a 25-story tower at 1 E. 57th Street further underscore the growing interest in Manhattan's luxury real estate news.
