SL Green to pocket $85M from sale of 724 Fifth stake to Sutton

Partners bought retail property in 2012

New York /
Jun.June 04, 2018 05:25 PM

From left: Marc Holliday, 724 Fifth Avenue and Jeff Sutton

SL Green Realty sold its 50 percent stake in 724 Fifth Avenue to partner Jeff Sutton for net proceeds of $85.5 million, the company announced Monday.

As part of the deal, Sutton also paid back SL Green’s “investment” in 720 Fifth Avenue and paid off part of another unnamed loan, according to the release. SL Green issued a $33.75 million mezzanine loan on 720 Fifth Avenue in 2016.

Sutton and SL Green brought 724 Fifth Avenue, a 65,000-square-foot retail and office property, for $200 million in 2012 and last year refinanced it with a $235 million loan from Aareal Capital Corporation.

Prada occupies 15,540 square feet of retail space over four floors in the building and reportedly pays $19 million in rent per year under a lease running through 2028.


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
The comedy club argues that if SNL can operate, then they should be allowed to operate too. (Getty)
Manhattan comedy club sues Cuomo over pandemic closures
Manhattan comedy club sues Cuomo over pandemic closures
(iStock)
These were Manhattan’s best office submarkets in Q4
These were Manhattan’s best office submarkets in Q4
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Order up: Real estate investors line up to buy drive-throughs
Order up: Real estate investors line up to buy drive-throughs
Mayor Bill de Blasio (Getty, iStock)
NYC to revive $17B in public construction projects
NYC to revive $17B in public construction projects
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
arrow_forward_ios

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

Loading...