New York — Prada has renewed the lease for its New York City flagship store at 724 Fifth Avenue, according to SL Green Realty Corp. and Jeff Sutton, a partnership that owns the building.
The early lease renewal — the existing lease will not expire until 2017 — will keep one of the world’s iconic fashion and accessory houses at the prime Manhattan location through 2028. Prada occupies 15,540 sq. ft. on four levels, plus another 5,200 sq. ft. of office space on the fifth floor of the building.
The SL Green/Sutton venture acquired the building in early 2012, as part of a strategy to invest in the city’s important retail locations. SL Green and Sutton also control interests in the retail condominium of 717 Fifth Avenue, 720 Fifth Avenue, 609 Fifth Avenue and the entire retail portion of 650 Fifth Avenue.