Michael Shvo, Serdar Bilgili, and BVK have entered into contract to acquire 530-536 Broadway from Jeff Sutton’s Wharton Properties for $400 million, TRD reported. The three office and retail properties span 210,000 square feet.
- Dig Deeper: The retail units are fully occupied and include Skechers and Club Monaco, while the office space is 95% occupied. This brings the NOI to around $19.7 million.
- Interesting history: Joe Sitt’s Thor Equities paid $190 million for the buildings in 2007, and sold them to Sutton seven years later for $326 million. Sutton subsequently acquired $60 million in mezz loans and $40 million in preferred equity on the property provided by SL Green.
- Worth Noting: SL Green and Thor retained minority stakes in the asset with Wharton.