From left: SL Green CEO Marc Holliday, Jeff Sutton and 1552 Broadway (credit: PropertyShark)
It’s official: the fashion retailer Express Inc. is headed to Times Square. SL Green Realty Corp., together with Jeff Sutton, formally announced Monday that Express had signed a 15-year lease for a 30,000 flagship store at 1552-1560 Broadway, at 46th Street. [more]
Jeff Sutton and 747 Madison Avenue retail
Taking a page from their success in Times Square, Jeff Sutton and SL Green Realty are taking unusual steps to expand a retail space they own on the Upper East Side. The New York Post reported that Jeff Sutton purchased a $2.6 million duplex co-op at 30 East 65th Street, in the same building along Madison Avenue where he and SL Green acquired the 9,800-square-foot ground-floor retail space for $66.25 million last July. [more]
From left: SL Green CEO Marc Holliday, Jeff Sutton and the slim 155 West 46th Street property (to the right of 1560 Broadway)
The Midtown-based real estate investment trust SL Green Realty and partner Jeff Sutton purchased a small, mid-block office building on 46th Street which they plan to demolish in order to expand the selling area at a large retail project they are developing in Times Square.
Sutton, president of Wharton Properties, and SL Green are 50-50 partners in the purchase of 155 West 46th Street, between Sixth and Seventh avenues, a source familiar with the acquisition said. The $8.38 million sale by Simplon Hosiery Mills went into contract April 5 and closed May 23, city property records recorded today show. [more]
Jeff Sutton and 100 West 125th Street
Burlington Coat Factory has made the first commitment to Jeff Sutton’s planned Harlem retail center at Lenox Avenue and 125th Street, the New York Post reported, and a second high-profile deal could be on the way. In addition to the 70,000-square-foot lease Burlington signed, via broker Cliff Simon of CNS Real Estate, sources told the Post that Whole Foods’ accidentally leaked Harlem expansion is targeting the ground and lower levels of Sutton’s site. [more]
1552 Broadway
Clothing retailer Express has ditched the retail space at 4 Times Square for 30,000 square feet at 1552 Broadway, the Wall Street Journal reported. In the company’s earnings call last week, Express CEO Mark Weiss said the retailer had switched its New York flagship to “a more desirable location,” and warned that expenses and delays brought on by the move and the eventual build out would weigh on the retailer’s short-term prosperity. The Journal said Express could be paying more than $20 million per year. [more]
From left: Jeff Sutton, president of Wharton Properties, and Danice Stores storefront at 482 Fulton Street (credit: Google Street View)
Retail investor Jeff Sutton is in a dispute with a former discount clothing store owner who recently vacated one of Sutton’s building’s on the rapidly changing Fulton Mall retail stretch of Downtown Brooklyn.
Sutton’s company at the site, 482 Fulton Street LLC, filed suit last Thursday against an individual named Barry Group, who is president of Brooklyn-based value-priced chain Danice Stores at 482 Fulton Street. Sutton is seeking $153,140 in alleged back rent and $25,000 to cover legal costs and other expenses, the papers filed in New York State Supreme Court show. [more]
From left: SL Green CEO Marc Holliday, Ofer Yardeni , co-founder of Stonehenge Partners, investor Jeff Sutton and 1026 First Avenue
The first closed sale related to SL Green Realty, Stonehenge Partners and investor Jeff Sutton’s purchase of the David Frankel Realty property portfolio last month, has hit public records.
The sale of the 290,480-square-foot residential rental tower at 1026 First Avenue was recorded for $109 million today; it makes up over a quarter of the total $416 million spent on the portfolio, which also includes properties at 724 Fifth Avenue, 752 Madison Avenue, 19 East 65th Street, 21 East 65th Street, 762 Madison Avenue, 44 West 55th Street and 400 East 58th Street. The sale of all the properties closed Jan. 31. [more]
From left: Sl Green CEO Marc Holliday, Ofer Yardeni, co-founder and managing member of Stonehenge Partners, retail investor Jeff Sutton and 724 Fifth Avenue
SL Green Realty, partnering with Stonehenge Partners and retail investor Jeff Sutton, is expected to close today on eight East Side properties for $416 million, executives at SL Green Realty said today during its fourth-quarter conference call.
The David Frankel Realty portfolio includes high-end retailer Prada’s location at 724 Fifth Avenue, as well as 752 Madison Avenue, 19 East 65th Street, 21 East 65th Street, 762 Madison Avenue, 44 West 55th Street, 400 East 57th Street and 400 East 58th Street. [more]
Jeff Sutton and 91 Ocean Boulevard in New Jersey
New York City commercial real estate magnate Jeff Sutton, a frequent collaborator with SL Green Realty, purchased a $22.6 million home in New Jersey, the Asbury Park Press reported.
Overlooking the Atlantic Ocean in Deal, N.J., a borough of Monmouth County, the landmarked, two-story home at 91 Ocean Avenue has 12,000 square feet on 5.3 acres of property with 350 feet of private beach. [more]
The city’s commercial firms generally went with scaled-down holiday parties as the industry licked it wounds in 2011 after making it through a difficult year.
Many commercial firms opted for low-key themes either by spending fewer dollars or going for a less formal environment, for example at least two opted for bowling, and CBRE Group headed to the circus. [more]
For NYC real estate updates provide email below
