The Real Deal New York

SL Green, Jeff Sutton buying 1552 Broadway for $135M

May 03, 2011 10:20AM


Jeff Sutton and 1552 Broadway

SL Green Realty and Jeff Sutton are in contract to purchase the landmarked I. Miller Shoe Building at 1552 Broadway for $135 million from the Riese Organization, the Post reported. The joint venture, which is slated to close on the purchase by summertime, is likely to shutter the building’s iconic TGI Friday’s, a source, and replace it with “a use that no one has thought of.”

The 15,000-square-foot property comes with some air rights as well as two billboards that can be upgraded to LED signs and the approvals necessary to build a third sign. The current structure, on the corner of 46th Street and Seventh Avenue, is four stories tall and contains historic statues of actresses Ethel Barrymore, Mary Pickford and Rosa Ponsella on the second floor, which will have to be preserved by the buyers.

SL Green and Sutton are already partners at several Times Square-area properties, including American Eagle’s flagship store across the street and 1604 Broadway, which houses a Sbarro’s.

Last week, SL Green bought out its partner at the Viacom headquarters at 1515 Broadway, which was valued at $1.21 billion in the deal. [Post]

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