Jeff Sutton lands $235M refinancing on 724 Fifth
Century-old retail and office space home to Prada flagship
Jeff Sutton snagged a $235 million refinancing on 724 Fifth Avenue, a retail and office property that includes Prada’s flagship store.
Aareal Capital Corporation provided the debt on the 65,000-square-foot property between 56th and 57th streets. The new loan replaces a previous refinancing in 2017, which Aareal also provided and for the same amount.
Fifth Avenue retailers, like others across the city, have been slammed by the pandemic. A recent survey found 30 vacant storefronts along a stretch from 42nd to 59th streets. That list does not include the Prada store.
Sutton’s Wharton Properties took full ownership of 724 Fifth in 2018, when it bought out SL Green Realty’s 50 percent stake. Sutton and SL Green jointly acquired the property in 2012 for $200 million.
Sutton did not immediately return a request for comment nor did Aareal.
Prada occupies over four floors in the century-old building, and has office space on the fifth floor. Its lease runs through 2028.
Prada and Sutton have been engaged in a legal dispute for more than a year that stems from planned renovations to the building.