Jeff Sutton Acquires SL Green’s Stake in 724 Fifth Ave.

724 Fifth Ave.

NEW YORK CITY—Jeff Sutton, the founder and president of Wharton Properties, is purchasing SL Green Realty Corp.’s interest in 724 Fifth Ave., paying back SL Green’s investment in 720 Fifth Ave., plus partially repaying another partnership loan. SL Green will receive net proceeds of $85.5 million for these transactions, which are expected to close in the third quarter of 2018.

In January 2012, a joint venture of SL Green, Stonehenge Partners and Wharton Properties acquired 724 Fifth Ave. from David Frankel Realty for $223 million. The 12-story, 56,400 square-foot structure, located between W. 56th and W. 57th streets was originally built in 1921. Prada occupies 15,540 square feet of retail space spanning four floors and 5,200 square feet of office space on an additional floor. The Real Deal reported that the Italian fashion designer’s rent is $19 million annually with another 10 years on its lease.