SL Green and Jeff Sutton add to large Times Square retail site

TRD NEW YORK /
Jun.June 11, 2012 06:00 PM

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.

The modest purchase figures into the larger repositioning of the landmarked four-story I. Miller Building at 1552 Broadway, which will be combined with the lower floors of the neighboring office building at 1560 Broadway. Those buildings are adjacent to the newly acquired structure.

Last Thursday, SL Green filed plans with the city’s Department of Buildings to demolish the narrow, 20-foot wide building they just purchased, agency records show. The source said a new structure would be built on that plot of land to increase the retail space closer to Broadway, because the properties are connected. The new building can be up to 28,112 square feet in size, information from PropertyShark.com shows.

The Wall Street Journal reported in May that SL Green and Sutton had landed clothing retailer Express as a tenant for the retail at 1552 Broadway and 1560 Broadway.

Wharton Properties, SL Green and Simplon Hosiery did not respond to requests for comment.


Related Articles

arrow_forward_ios
The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)

SL Green puts Daily News building up for sale

SL Green snags private-equity firm at One Vanderbilt

SL Green snags private-equity firm at
One Vanderbilt

SL Green’s locks in big bank lease at Hudson Yards redevelopment site

SL Green’s locks in big bank lease at
Hudson Yards redevelopment site

1185 Sixth Avenue (Credit: Google Maps)

3 workers test positive for coronavirus at 3 SL Green office towers

Michael Shvo, Thor Equities’ Joe Sitt, Wharton Properties’ Jeff Sutton and 530 Broadway

Michael Shvo closes on Soho retail building for $382M

Michael Shvo and 530 Broadway with Joe Sitt of Thor Equities and Jeff Sutton of Wharton Properties (inset) 

Michael Shvo secures $210M loan for 530 Broadway buy

315 West 33rd Street, SL Green's Marc Holliday and Brookfield's Ric Clark (Credit: SL Green, Getty Images)

Brookfield fund buying SL Green’s 315 West 33rd Street for $447M

Clockwise from left: 707 Eleventh Avenue, One Vanderbilt, SL Green chairman and CEO Marc Holliday and 410 Tenth Avenue (Credit: Google Maps, SL Green, Hines)

SL Green snaps up West Side office property

arrow_forward_ios
Loading...