Jeff Sutton secures $195M to refi 529 Broadway

Loan from UBS, Morgan Stanley replaces previous Deutsche Bank loan

New York /
Aug.August 26, 2016 02:24 PM

Jeff Sutton’s Wharton Properties has scored $195 million in new loans to refinance a newly developed retail building in Soho.

UBS AG and Morgan Stanley Bank provided the loan to Sutton to refinance a six-story building at 529 Broadway, records filed with the city’s Department of Finance on Friday show. The loan replaces previous loans from Deutsche Bank, including a $100 million acquisition loan, a $30 million building loan and a $9.3 million mortgage. In addition to replacing these loans, UBS issued a new $56.6 million loan.

Wharton TRData LogoTINY, along with Aurora Capital Associates, Thor Equities and the Adjmi family bought the building in 2012 for $147.9 million, a record price for the neighborhood at the time. The developers demolished the original buildings on the site and built a new six-story structure designed by BKSK Architects. Nike is taking the ground floor of the building, where asking rent was reportedly $1,200 per square foot. In April, The Real Deal reported that Sutton and SL Green Realty were quietly shopping a group of buildings across the street, 530-536 Broadway, which were estimated to be worth $450 million.

 

Related Articles

arrow_forward_ios
Eric Trump and 6 East 57th Street (Getty, Google Maps)
Trump Org has big retail vacancy looming
Trump Org has big retail vacancy looming
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
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
166 Berry Street in Brooklyn and Wharton Properties’ Jeff Sutton (Credit: Google Maps)
Jeff Sutton pays record price in Williamsburg: brokers
Jeff Sutton pays record price in Williamsburg: brokers
arrow_forward_ios

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

Loading...