Two titans of New York Metropolis actual property bought a luxurious retail house to a purchaser who’s intimately acquainted with the constructing’s sole tenant.
Marc Holliday’s SL Inexperienced and Jeff Sutton’s Wharton Properties bought 690 Madison Avenue on the Higher East Aspect for $54.5 million, Crain’s reported. The sale of the 7,900-square-foot property breaks all the way down to $6,900 per sq. foot.
Eastdil Secured’s Gary Phillips and Will Silverman brokered the sale of the five-story constructing, totally occupied by French luxurious jeweler Van Cleef & Arpels. The id of the client was not reported, and the deal is but to look in property information.
However PincusCo reported it was Van Cleef’s company mother or father, Richemont, that purchased the house. If true, the deal could be one other instance of Sutton’s propensity to promote luxurious retail areas to firms that have been already leasing them.
In the beginning of 2024, Wharton and SL Inexperienced sold the retail portion of 715-717 Fifth Avenue to Kering, the French luxurious group behind the likes of Gucci and Balenciaga, for $963 million.
Sutton purchased his 50 percent stake in 690 Madison Avenue in late 2024 for $34 million. Holliday’s actual property funding belief bought the constructing by foreclosures for $74 million in 2021.
Previous to the stake sale, Van Cleef signed a lease for the total constructing, which sits on the nook of Madison Avenue and East 62nd Avenue. The location was beforehand dwelling to a Hermes males’s retailer, which since relocated close by to 706 Madison Avenue.
SL Inexperienced is within the midst of a plan to promote $2.5 billion value of property. It has put its 1350 Sixth Avenue workplace tower up for sale, eyeing a price ticket upwards of $360 million for the 600,000-square-foot constructing at West fifty fifth Avenue, sources informed The Actual Deal.
The corporate began the initiative with a deal to promote a minority stake within the workplace constructing at 100 Park Avenue to Rockpoint at a $425 million valuation.
Different properties set to be put up on the market embody a 25 p.c stake within the 1.8 million-square-foot 245 Park Avenue and a 65 p.c stake in 750 Third Avenue, an workplace constructing that SL Inexperienced is changing into residences.
Learn extra
Jeff Sutton picks up stake in former Hermes store on Madison Avenue
SL Green eyes up to $360M for Sixth Ave office tower
SL Green starts $2.5B selloff with 100 Park deal
