Luxury fashion brand Prada has officially acquired its flagship New York store building on Fifth Avenue for a whopping $425 million from Wharton Properties. The location, which Prada has leased since 1997, will continue to serve as the company’s store, offices, and storage space according to a recent stock exchange filing.
In a statement released by the company’s board of directors, it was stated that they believe the property holds great strategic value due to its prime location and potential for long-term growth. Additionally, recent investments in the surrounding area have only enhanced its appeal for residential living and retail opportunities.
However, this purchase comes after a legal battle between Prada and Sutton in 2019 over renovation plans. This resulted in court disputes regarding compensation and disruptions to property usage. Last year saw an appeals court ruling in favor of Sutton while also requiring them to cover Prada’s legal expenses without any additional costs incurred.
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