Sutton buys UES co-op to improve retail space

New York /
Jun.June 27, 2012 10:00 AM

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.

The co-op unit can be merged into the street retail of the building. The Post said the extra space can be used to create two high-ceilinged Madison Avenue storefronts where one formerly existed. The store is currently under short-term lease to Escada.

The move, which required Sutton to help the owner of the duplex find another apartment, is reminiscent of several maneuvers the joint venture has made at 1552 Broadway to expand the size and increase the value of the retail space. Those deals helped lure fashion retailer Express into a record $23 million lease. [Post, 4th item]


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 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 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
SL Green’s locks in big bank lease at
Hudson Yards redevelopment site
1552-1560 Broadway and Wharton Properties’ Jeff Sutton (Google Maps)
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
Investor claims Jeff Sutton cheated him out of millions on Times Square deal
SL Green’s Marc Holliday with One Vanderbilt tower (SL Green Realty Corporation)
One Vanderbilt lease at $300+ psf may be city’s highest office rent ever
One Vanderbilt lease at $300+ psf may be city’s highest office rent ever
Recruiter snags 71K sf at SL Green’s 711 Third Avenue
Recruiter snags 71K sf at SL Green’s 711 Third Avenue
Recruiter snags 71K sf at SL Green’s 711 Third Avenue
From left: SL Green’s Marc Holliday, Natixis’ François Riahi and Maefield Development’s Mark Siffin
Nightmare at 20 Times Square: Inside the calamity at Maefield’s megaproject
Nightmare at 20 Times Square: Inside the calamity at Maefield’s megaproject
Andrew Mathias, president, SL Green Realty Corporation (SL Green Realty Corporation, iStock)
IBM to anchor SL Green’s One Madison Avenue
IBM to anchor SL Green’s One Madison Avenue
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...