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]