NEW YORK CITY—A partnership of Jeff Sutton and Aurora Capital has entered into a 99-year triple net lease of 511 Fifth Ave. The 160,000-square-foot, Class-A building features approximately 20,000 square feet of retail space on the southeast corner of 43rd Street in Midtown.
Cushman & Wakefield represented the building's owner, a group of family trusts, which received several competitive proposals for the net lease at the property. The 17-story property presently serves as the New York headquarters for Israel Discount Bank, which occupies the entire premises.
Sutton and Aurora Capital will operate the property during the 99-year net lease term. In addition, they will undertake renovations and assume responsibility for leasing.
The transaction was led by a team of Cushman & Wakefield professionals including Bruce Mosler, David A. Green, Louis Wolfowitz, Peyton Horn, Josh Kuriloff and Nat Rockett.
“We sent a cogent message to the investment community that this transaction offered a unique opportunity to obtain long-term control of a truly superior Midtown Manhattan asset,” says Bruce Mosler, chairman, global brokerage. “The owners were delighted by the outcome.”
Raymond Sanseverino and Richard Nardi of Loeb & Loeb provided legal representation for the owners while Chris Smith and Lisa Brill of Shearman & Sterling represented the lessee.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
