Sutton will be acquiring the eleven story, three building property on 530 Broadway in the Soho district of Manhattan, from Thor Equities in a joint venture with the SL Green Realty Corporation.
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(L-R) Jeff Sutton and Stephen Green, SL Green
In a joint venture with their long term trading partner, the SL Green Realty Corporation, Jeff Sutton’s Wharton Properties have recently closed their transaction to acquire a property situated at 530 Broadway, at the corner of Spring Street in the Soho district of Manhattan from Thor Equities, owned by Joseph Sitt.
The property, which covers a total of 40, 000-square feet over eleven stories, is made up from three buildings, all of them connected. The ground floor level of the property has been designated for retail space, with Eastern Mountain Sports currently the tenant.
The three building property sit directly opposite another Suttton owned property on 529 Broadway, this time in partnership with Aurora Capital Associates and Thor Equities, which is currently being converted to a 34, 000-square-foot building for reatil only use.
According to Manhattan commercial real estate mavens, the property had been on the market for more than a year, although Sutton and Sitt had agreed on a price in September, although the transaction only became official in the last few days.
Jeff Sutton began his career in the ultra competitive New York property market as an agent 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 .
529 Broadway: Spring and Broadway