Streetview of 720-725 Fifth Avenue © Google 2025
Prada is teaming up with Related to build a mixed-use skyscraper at 720-724 Fifth Avenue, with a store on the ground level and office space and luxury apartments above, as first reported by Commercial Observer. The building may be attached to the Aman New York, a 26-story hotel-condo next door, and share the gilded tower’s flashy amenities.
After leasing space at 724 Fifth Avenue for 25 years, Prada purchased the building in 2023, followed by the 15-story structure next door, for $835 million. The properties are directly across from Trump Tower.
According to Commercial Observer, Prada hired JLL to seek proposals for a development partner and later met with several developers in Italy before picking Jeff Blau’s Related.
The website reports Blau is currently negotiating with Prada to build a 225,000-square-foot tower with the store at its base and company offices and residences above it. The apartments could fetch more than $10,000 per square foot.
Residents may also have access to the Aman’s amenities, which include a 14th-floor sky lobby with a piano bar, a members club, and a cigar lounge overlooking Central Park, three restaurants, and the Aman Spa, which includes three levels of wellness amenities, including a fitness studio, indoor swimming pool, and more.
Like the Aman, Prada will join other branded residential developments, including the Giorgio Armani Residences on Madison Avenue, the Mandarin Oriental Residences on Fifth Avenue, and the Ritz-Carlton Residences, Nomad, among others.
And Prada is not the only luxury brand getting a New York makeover. Louis Vuitton filed plans with the city to construct a 25-story tower at 1 East 57th Street to replace the existing flagship. The project calls for a 10-story flagship store, a cafe and terrace with Central Park views, public exhibition space, a luxury spa, a top-floor bar and garden, and other upscale amenities.
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