Jeff Sutton’s Wharton Properties has acquired a retail space located at 85 Fifth Avenue in lower Manhattan for $86 million.
Located a block west of Union Square on the corner of West 16th Street, the retail area covers 12, 946 square feet of space over the building’s ground level and basement. The ceilings on the ground level are more than 15 feet high.
The space’s current tenant, Anthropologie, a subsidiary of retailer Urban Outfitters that focuses on womenswear and home goods, currently hold a lease that runs through 2021.
This deal came only a week after the shoe retailer Skechers signed a 15 year lease at another one of Sutton’s buildings, also on Fifth Ave, but much further up town. The store took 3, 500 square feet of space at 509 Fifth Ave. At a rent of more than $1, 000 per square foot the deal will be worth about $60 million.