Benchmark Real Estate Group closed a major sale. They sold the Prada store at 2 Newtown Lane in East Hampton for $10.25 million. This sale adds a new chapter to high-end retail moves in the Hamptons. High-end deals here happen rarely but are always big.
The building has two stories and covers 4,000 square feet. Prada has used the space since Benchmark bought it in January 2022 for $6.1 million. Soon after, Prada leased the building. Now, it stands as a valuable retail spot. The sale price of roughly $2,563 per square foot shows strong demand for top retail sites.
Jordan Sutton and Mark Golberg from Tahari Realty led the deal. They helped the sale move quickly because the property sits on a busy corner. The building got renovations in 2012. Those updates boosted its appeal for both retailers and investors.
Across the street, a similar high-profile deal took place. LVMH CEO Bernard Arnault bought a landmark property for $22 million just two years ago. This trend shows intense competition among luxury brands and underlines the investment strength of the Hamptons market.
Many now wonder about Prada’s future in East Hampton. The retailer remains active in New York, too. It recently bought a retail condo at 730 Fifth Avenue for $12.6 million and invested $835 million in flagship Fifth Avenue locations. These moves build a sturdy retail network for Prada.
While Prada’s future in East Hampton is still uncertain, the brand keeps expanding. Their strategy shows a solid push into high-demand areas. Recent moves by Benchmark Real Estate and Prada highlight the growing connection between real estate investments and luxury retail trends. High-profile properties like these promise a bright era for upscale shopping in places such as the Hamptons.
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