730 5th Avenue

Prada has expanded its presence in Midtown Manhattan by acquiring a retail condominium at 730 Fifth Avenue, known as the Crown Building, for $12.6 million. This purchase follows Prada’s recent acquisitions of its flagship store at 724 Fifth Avenue and neighboring 720 Fifth Avenue for $835 million from Jeff Sutton’s Wharton Properties. Although the deed lists Brookfield Properties as the seller, sources indicate that Wharton Properties was the actual seller, possibly indicating shared ownership between the two entities. The Crown Building, acquired by Sutton and mall company GGP in 2015 for $1.75 billion, has undergone significant transformation, including the conversion of its upper portion into luxury condos and an Aman Resorts hotel under OKO Group’s ownership.