Sutton pays Sitt $327M for 530 Broadway

New York /
Sep.September 18, 2013 10:19 AM

Retail mogul Jeff Sutton is in contract to buy a three-building site at 530 Broadway from frequent collaborator Joseph Sitt for $327 million, extending his dominance in Soho.

The 11-story, 40,000-square-foot property was expected to fetch north of $300 million, when Sitt hired the Eastdil Secured duo of Douglas Harmon and Adam Spies in February to oversee the sale.

Sitt bought the 530-536 Broadway buildings, located at the corner of Spring Street, for $190 million in 2007, sources told the New York Post. He later bought back the debt at a discount, saving roughly $40 million, the sources added.

Sutton already owns nearby properties such as 599 Broadway, 560 Broadway — in which he partnered with Jeffrey Gural of Newmark Holdings — and the site at 529 Broadway, where he intends to build a 34,000-square-foot, six-story retail project with Bobby Cayre and the Adjmi family, as The Real Deal reported. [NYP]  – Hiten Samtani


Related Articles

arrow_forward_ios
Jeff Sutton and 25 West 34th St. (Wharton Properties, Google Maps)
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton of Wharton Properties with 103 North Fourth Street. (Google Maps)
Jeff Sutton sells $31M stake in Williamsburg property
Jeff Sutton sells $31M stake in Williamsburg property
Jeff Sutton and 724 Fifth Avenue (Wharton Properties, iStock, Google Maps)
Jeff Sutton lands $235M refinancing on 724 Fifth
Jeff Sutton lands $235M refinancing on 724 Fifth
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)
Thor delinquent on $105M loan at 597 Fifth
Thor delinquent on $105M loan at 597 Fifth
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)
Thor Equities sues to evict Stefano Ricci from Miami Design District
Thor Equities sues to evict Stefano Ricci from Miami Design District
Crown Building at Fifth Avenue and 57th Street and Jeff Sutton of Wharton Properties (Building via Google Maps)
Jeff Sutton quietly sold most of Crown Building stake to Brookfield
Jeff Sutton quietly sold most of Crown Building stake to Brookfield
The Crown Building (iStock)
Chopard moving flagship to Fifth Avenue
Chopard moving flagship to Fifth Avenue
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
He sold the Willis Tower and the GM Building. But can Doug Harmon sell the Mountain?
arrow_forward_ios

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

Loading...