Jeff Sutton pays $86M for Lower Fifth Ave. retail co-op

Anthropologie occupies the 13,000-square-foot space until 2021

Jeff Sutton and 85 Fifth Avenue near Union Square
Jeff Sutton and 85 Fifth Avenue near Union Square

Less than a month after purchasing the Crown Building, Jeff Sutton’s Wharton Properties Has Purchased A Lower Fifth Avenue retail co-op near Union Square for $86 million.

Anthropologie currently takes up the entire 12,946-square-foot space at 85 Fifth Avenue, which is split between a ground level with 15-foot-plus ceilings and a basement. The womenswear and home goods retailer holds the lease until 2021, Crain’s reported.

Lower Fifth Avenue has become a busier shopping destination in recent years, with Eataly at its northern end and newly renovated J. Crew and Club Monaco stores to the south.

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Massey Knakal Realty Services’ Bob Knakal, who is now chairman of New York investment sales at Cushman & Wakefield, and his colleague John Ciraulo represented the seller, a company called Caguax.

Sutton and national mall owner General Growth Properties bought the Crown Building at 730 Fifth Avenue for $1.75 billion in December, just one day after it hit the market. In September, Sutton bought a three-building Soho portfolio from Joseph Sitt for $327 million. [Crain’s]Tess Hofmann