Jeff Sutton refis $235M from Aareal Capital for 724 Fifth in Plaza District

Jeff Sutton through the entity 724 Fifth Fee Owner LLC as borrower signed a loan agreement with lender Aareal Capital through the entity Aareal Capital Corporation valued at $235 million for 3 parcels, including the tax class commercial real estate (CR) at 724 5th Avenue, 724 5th Avenue, and 724 5th Avenue in Plaza District. The deal closed on February 26, 2021 and was recorded on March 11, 2021.
The property contains a total of 13,648 square feet of built space.
The average loan per buildable square foot is $4,314.
Jeff Sutton refinanced the Prada-occupied property with the same level loan provided in 2017.
Over the past five years, there have been 5 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 5 renovation/alteration projects (A2) applied for with a total estimated value of $505,240.

Direct link to Acris document. link