Prada In Talks To Build Billionaire's Row Residences: Report

MIDTOWN, NY — Luxury retailer Prada is in talks to build a skyscraper on Billionaire's Row that would house a store, its offices, and several apartments priced at $10,000 per square foot, the Commercial Observer reported this week.

To do the math, that means a 2,000-square-foot home would cost $20,000,000.

Back in 2023, Prada bought the pair of buildings, located at 720 and 724 Fifth Ave. near East 57th Street, for $835,000,000 from Jeff Sutton, the billionaire real estate mogul and founder of Wharton Properties.

Commercial Observer, attributing an anonymous insider, said that Prada is currently nearing an agreement with Related Companies, a luxury residence and retail developer, to design a 225,000-square-foot high-rise that would meet all of their luxury living and retail dreams.

According to the report, the store has no intention of closing its Upper East Side and Soho locations.

Neither responded to a request for comment, Commercial Observer said.

Read the full story here.

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