Sutton, GGP buy ICM Partners out of Crown Building sublease

Developers can now proceed with converting 3rd, 4th floor space to retail

TRD New York /
Jun.June 01, 2016 09:09 AM

Jeff Sutton and Sandeep Mathrani are moving forward with plans to convert the lower floors of the Crown Building entirely to retail.

Their firms, Wharton Properties and General Growth Properties, paid $17 million to buy talent agency ICM Partners out of its 52,000-square-foot sublease on the third and fourth floors of the Midtown office building.

The sublease, from Playboy Enterprises, was set to expire in 2019.

Sutton and GGP bought the 390,000-square-foot property at 730 Fifth Avenue, at 57th Street, for $1.8 billion from Eliot Spitzer’s Spitzer Enterprises in late 2014. The partners immediately resold the fourth through 24th floors to luxury developers Michael Shvo and Vladislav Doronin, who planned to create an Aman Hotel and 23 condominiums there, for about $500 million.

Luxury goods retailer Bulgari signed a 15-year lease to take 3,000 square feet at the property late last year, paying about $5,500 per square foot, a city record. In March, another Italian firm, Ermenegildo Zegna, took 9,000 square feet there paying about $4,000 a foot. [NYP]Ariel Stulberg


Related Articles

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

Michael Shvo closes on Soho retail building for $382M

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

Michael Shvo secures $210M loan for 530 Broadway buy
Sandeep Mathrani and, clockwise from left: Marcelo Claure, Adam Neumann and Sebastian Gunningham and Artie Minson (Credit: Getty Images)

WeWork gets serious: Inside the hiring of Sandeep Mathrani

WeWork gets serious: Inside the hiring of Sandeep Mathrani
Wharton Properties' Jeff Sutton, Thor Equities' Joe Sitt, 530 Broadway and Michael Shvo

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M

Jeff Sutton and Joe Sitt are selling 530 Broadway for $400M
Jeff Sutton and the Prada storefront at 724 Fifth Avenue (Credit: Google Maps)

Prada gives landlord Jeff Sutton a lawsuit for Christmas

Prada gives landlord Jeff Sutton a lawsuit for Christmas
Brookfield CEO Brian Kingston and Garden State Plaza in New Jersey (Credit: Brookfield, Westfield Garden State)

Analysts still baffled by Brookfield’s big bet on malls

Analysts still baffled by Brookfield’s big bet on malls
arrow_forward_ios

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

Loading...