Sutton, Givenchy revealed as 747 Madison buyer and tenant

TRD New York /
Dec.December 11, 2013 01:25 PM

Jeff Sutton has been unmasked as the buyer of the remaining 33.3 percent stake in the retail co-op at 747 Madison Avenue‘s Colony House, and French fashion brand Givenchy was revealed as the mystery tenant taking space at the property’s base.

Formerly occupied by Valentino, the 2,800-square-foot block at 747 Madison at East 65th Street will be the clothier’s home for the next 15 years, according to the terms of the agreement, reported by the New York Post. The asking rent was approximately $1,700 per square foot, and the spread includes a 1,000-square-foot mezzanine as well as a 1,500-square-foot basement for storage.

Joel Isaacs of Isaacs and Company represented LVMH, the Paris-based multinational conglomerate that owns Givenchy, in the deal. Neither he nor Sutton returned the Post’s requests for comments.

Sutton and then-partner SL Green Realty acquired the ground-floor retail space for $66.25 million in 2011. SL Green sold its third of the retail property earlier this week, valuing the space at roughly $160 million. Thanks to the addition of the Givenchy lease agreement, the asset is now estimated to be worth at least $90 million more. [NYP]Julie Strickland


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
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
410 Tenth Avenue and SL Green CEO Marc Holliday (410 Tenth via Google Maps; Holliday via SL Green)

SL Green shopping Amazon-anchored office in Hudson Yards

SL Green shopping Amazon-anchored office in Hudson Yards
Lori Shabtai and SL Green CEO Marc Holliday (Getty, SL Green)

Broker accuses SL Green of stiffing her on $1.4M commission

Broker accuses SL Green of stiffing her on $1.4M commission
The Crown Building (iStock)

Chopard moving flagship to Fifth Avenue

Chopard moving flagship to Fifth Avenue
SL Green CEO Marc Holliday, One Vanderbilt and One Madison Avenue

SL Green still believes in New York

SL Green still believes in New York
arrow_forward_ios

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

Loading...