Marc Holliday of SL Green Realty in a joint venture with Jeff Sutton of Wharton Properties have acquired the leasehold for a Manhattan property which the US District Court have now proven was previously being held illegally by Iranian business interests fronting for the Revolutionary Guards.
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Jeff Sutton Marc Holliday 650 Fifth Avenue Ali Khamenei
SL Green Realty and Wharton Properties, two of New York’s most prominent commercial property landlords have got together to acquire the long-term leasehold for the 30, 000-square-foot allocated for retail purposes in the 36-story tower at 52nd Street known as 650 Fifth Avenue.
The the retail spaces that the joint venture will be controlling takes in the building’s basement, ground-level as well as its second and third floor retail spaces. Among the prestigious clients ranging space in the building are Juicy Couture, Godiva Chocolate and Devon & Blakely.
SL Green Realty and Wharton Properties will be taking over leasehold after U.S. District Judge Katherine Forrest ruled that the previous leasehold owners Assa Corp., Assa Co. Ltd. and the Alavi Foundation were obliged to forfeit all of their property assets in the United States, which included the retail sector of 650 Fifth Avenue.
The ruling came after more than five years of investigations that eventually concluded that the three companies were in actual fact fronts for the Iranian government and were disallowed from doing business in America due to the financial sanctions imposed on the country.
After the decision was announced both Holliday and Sutton declined to make any comment on the financial terms of the 49-year lease agreement , only stating that the partners were happy to work together on handling the rental operations for the retail section of the building, which is among the most prestigious in the Midtown section of Manhattan.
SL Green Realty Corporation is a public company, founded by Stephen L. Green in 1980, is regarded as one of New York City’s largest commercial landlords, to focusing mainly on the acquisition, management and value maximization of all manner of commercial properties situated in Manhattan.
Marc Holliday has served as CEO for SL Green Realty Corporation since 2005, and has been with the company for a total of 15 years first serving as Chief Investment Officer later spending six years as President of the company for the period running from April 2001 to April 2007.
Prior to joining SL Green Realty Corportation, Holliday served as Managing Director and Head of Direct Originations for New York-based Capital Trust.
Holliday holds a Bachelor of Science degree in Business and Finance from Lehigh University, as well as an Master of Science degree in Real Estate Development from Columbia University in 1990.
Jeff Sutton began his career in the ultra competitive in the New York property market acting as an active middleman between potential tenants and existing landlords, gradually buying up properties for rent. Gradually Sutton began to acquire the property assets of entire retail chains. As he began to make his his presence increasingly felt on the New York property market during the 1990s, Sutton began to form a working relationship with SL Green Realty which has remained strong and intact to to this day.
Sutton now controls some of the most prestigious properties in Manhattan, including the 33, 000-square-foot American Eagle situated at the corner of Broadway and Houston Street; the 40, 000-square-foot Armani flagship store on 717 Fifth Avenue as well as a number of prime retail properties around Manhattan, many of them jointly leased with SL Green.