New York — SL Green Realty Corp. and partner Jeff Sutton have announced the formation of a venture that has acquired a 49-year leasehold interest covering the entire retail portion of 650 Fifth Avenue. The transaction was completed with former U. S. Magistrate Judge Kathleen A. Roberts, the court-appointed federal monitor and interim trustee of the landlord, 650 Fifth Avenue Company.
“Situated in the heart of Fifth Avenue’s prime retail corridor at 52nd Street, 650 Fifth Avenue is a perfect fit for our expanding retail investment portfolio in partnership with Jeff Sutton,” said SL Green President Andrew Mathias.
The investment gives the SL Green/Sutton partnership control of the building’s basement, grade-level, second and third floor retail spaces. Current tenants are Juicy Couture, Godiva Chocolate and Devon & Blakely.
Cushman & Wakefield represented the property owner in the transaction.