Prada buys New York Fifth Avenue store building for $425 million

Italian fashion house Prada has purchased a building on Fifth Avenue in New York for $425 million. The company used internal resources to make the cash payment. Prada sees the property’s location as strategically valuable and believes it offers long-term potential. The 12-floor building can be used for office space, storage, and retail. Retail sales in the Americas region have been weak for Prada, with a 1.3% decline in the first nine months of the year, in contrast to double-digit growth in other markets.