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Acquisitions

Jeff Sutton sells stake in Crown Building

Jeff Sutton quietly sold the majority of his stake in the retail portion of the Crown Building (AKA 730 Fifth Avenue) to partner Brookfield Property Partners in August 2019 for $779 million, according to The Real Deal. The transaction coincided with the partners’ $807 million refinance of the 92,000-square-foot retail condo led by Apollo Commercial Real Estate.

  • Timing is everything: Brookfield’s filings show it now owns 99.7% of the retail asset, though the figure is the result of some creative accounting and the number is somewhat lower.
  • Tenants include… Bulgari, Piaget, Mikimoto, and Ermenegildo Zegna. The retail condo sits at the southwest corner of 57th Street and Fifth Avenue
  • Flashback: Jeff Sutton’s Wharton Properties and GGP acquired the 390,000 SF building from Spitzer Enterprises for $1.8 billion in 2015. That deal was financed by a $1.3 billion loan from a Deutsche Bank-led syndicate as well as $250 million in mezz debt. Wharton and GGP subsequently sold the upper 20 floors to Vladislav Doronin and Michael Shvo for $475 million. GGP was later acquired by Brookfield. [TRD]

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