Sutton, SL Green turn to familiar face for $225M refi at 650 Fifth

Aareal Bank previously lent $97M on the retail leasehold

New York /
Oct.October 10, 2017 08:02 PM

SL Green Realty and Jeff Sutton refinanced their retail space at 650 Fifth Avenue with a $225 million leasehold mortgage from German lender Aareal Bank.

The debt deal comes 10 months after Nike agreed to a 60,000-square-foot lease with an annual rent starting at $35 million — one of the priciest retail leases in the city’s history.

The new loan agreement replaces a previous $97 million mortgage, also from Aareal, from October 2014, and includes a $128 million gap mortgage.

Sutton and SL Green took control of the retail leasehold in 2013. The Alavi Foundation, which is said to be controlled by the Iranian government, held a 60 percent stake in the tower. A federal jury in June ordered the seizure of the stake, which was reaffirmed by a Manhattan Supreme Court judge last month.

In January, Aareal refinanced SL Green and Sutton’s 724 Fifth Avenue, home to Prada’s flagship store, with a $235 million loan.


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
Illustration of Stefan Soloviev (HaydenSoloviev, CC BY-SA 4.0, via Wikimedia Commons, Getty)
Soloviev bets long-dormant Midtown East site in casino sweepstakes
Soloviev bets long-dormant Midtown East site in casino sweepstakes
CHIP's Jay Martin and HCR Commissioner RuthAnne Visnauskas (Getty)
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
Lies, damn lies, and statistics: Did rent-stabilized vacancies really fall?
PulteGroup's Ryan R. Marshall and RedFin's Glenn Kelman (PulteGroup, RedFin, Getty)
Wall Street is bidding up housing stocks again
Wall Street is bidding up housing stocks again
Empire Capital Holdings' Josh Rahmani, Hakimian Capital's Michael Hakimian, RXR's Scott Rechler and 1330 6th Avenue (Getty, Hakimian Capital, Empire Capital Holdings, 1330aofa.com)
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
Empire Capital, partners close on $320M deal for 1330 Sixth Ave
(Illustration by The Real Deal with Getty)
Retail real estate continues climb, reaches record low availability
Retail real estate continues climb, reaches record low availability
arrow_forward_ios

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

Loading...