Chanel is in discussions to purchase a building located on Manhattan’s Fifth Avenue, joining the competition among top global retailers vying for prime spots on New York’s renowned luxury shopping strip. The brand is reportedly eyeing 745 Fifth Ave. and is competing against LVMH for the acquisition of the property at the corner of 58th Street. Global luxury retailers, including Gucci owner Kering SA and entities linked to Prada SpA, have been actively acquiring buildings on Fifth Avenue in recent months.