Prada USA Corp Acquires Mixed-use Property On 5th Avenue In Manhattan For $835M
724 5th Avenue & 720 5th Avenue
$835,000,000
$2,783/SF
Building Size
150,000 SF
Asset Type
Mixed-use
Closing
Dec 19, 2023
About this deal
AI
724 & 720 5th Avenue in Manhattan has been sold in a mixed-use transaction. The property spans approximately 150,000 square feet and was acquired by Andrea Guerra of Prada USA Corp for a sale price of $835,000,000, resulting in a price per square foot of $5,567.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $835,000,000
- Address: 724 & 720 5th Avenue, Manhattan
- Square Footage: 150,000
- Market: Manhattan
The sellers of the property were Jeff Sutton and Joseph Sutton of Wharton Properties. The deal was facilitated by Will Silverman and Gary Phillips of Eastdil Secured, who acted as the brokers on the transaction.
On the Map
$835,000,000
$2,783/SF
Mixed-use
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Players
Port McNicoll Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.02%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93