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
Record Rental leasing activity in Brooklyn and Queens for November (iStock)
Brooklyn, Queens lease signings soar, as do Manhattan rents
Brooklyn, Queens lease signings soar, as do Manhattan rents
695 E Main Street in Stamford (Wikimedia)
Northeast Capital JV grabs Stamford office campus for $235M
Northeast Capital JV grabs Stamford office campus for $235M
U.S. shopping mall values have struggled in recent years before valuations tanked in the wake of the pandemic amid an e-commerce boom.
US mall values plummeted by one-third in 4 years
US mall values plummeted by one-third in 4 years
CoStar CEO Andy Florance
CoStar comes home to play
CoStar comes home to play
Big Silicon Valley firm grabs 34K sf in Soho
Big Silicon Valley firm grabs 34K sf in Soho
Big Silicon Valley firm grabs 34K sf in Soho
arrow_forward_ios

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

Loading...