The Real Deal New York

Spitzer’s $1.8B sale of Crown Building hits records

Jeff Sutton and GGP paid $4,564 per sf -- a world record -- for the property

April 30, 2015 02:50PM

Eliot Spitzer and the Crown Building in Midtown

Eliot Spitzer and the Crown Building in Midtown

Eliot Spitzer’s sale of the Crown Building for $1.78 billion to Jeff Sutton and General Growth Properties hit city property records Thursday, setting an all-time price per-square-foot record.

The deal, which closed last month, marks the highest price paid per square foot ever paid for an entire office building. At 390,000 square feet, the price breaks down to $4564 per square foot.

Spitzer Enterprises and partner the Winter family entered contract to sell the property to Sutton and GGP late last year. In the meantime, developers Michael Shvo and Vladislav Doronin agreed to buy the non-retail portion of the building for $500 million.

The landmarked property sits at 730 Fifth Avenue at the corner of 57th Street and houses luxury retailers like Bulgari and K. Mikimoto & Co.

Last year, Eliot Spitzer took over Spitzer Enterprises following his father’s death. — Tess Hofmann