Jeff Sutton secures $195M to refi 529 Broadway

Loan from UBS, Morgan Stanley replaces previous Deutsche Bank loan

529 Broadway and Jeff Sutton
529 Broadway and Jeff Sutton

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.

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Wharton [TRDataCustom], 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.