Days after Prada SpA announced it would buy the 12-floor building it has been leasing since 1997 at 724 Fifth Ave., for $425 million, news has emerged that an entity tied to the Prada family has acquired 720 Fifth Ave. for approximately $410 million, sources have told Bloomberg, which also was the first to report the initial sale after a stock exchange filing.
The acquisitions of the two adjacent buildings, which total $835 million, makes it one of the largest real estate purchases in New York this year, Bloomberg said.
The seller of 720 Fifth Ave., is an entity owned by developer Jeff Sutton.
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