Jeff Sutton, Reuben Brothers sell Versace-occupied retail co-op for $135M to James Dyson investments

Billionaire inventor James Dyson’s Weybourne Holdings acquired three retail cooperative units from Jeff Sutton and Reuben Brothers through the entity 747 Madison Retail Owner LLC valued at $135 million at 747 Madison Avenue in Lenox Hill, Manhattan. The approximately 11,000-square-foot retail location is leased to Versace and is at the base of the 63-unit co-op building with an address of 30 East 65th Street.

Jeff Sutton of Wharton Properties is one of the largest owners of retail property in New York City.

In May 2023, The Real Deal reported that Reuben Brothers bought an undisclosed stake in the property.

The deal closed on August 4, 2023 and was recorded on August 10, 2023. The three properties have approximately 11,000 square feet of built space according to a PincusCo analysis of city data. The sale price per square foot is approximately $12,200 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

Dyson’s Weybourne paid $60 million to Thor Equities and ASB Real Estate Investments for 155 Mercer Street.

The block

On the tax block of 30 East 65, PincusCo has identified the owners of five of the 22 commercial properties representing 87,713 square feet of the 440,415 square feet. The largest owner is Dario Nunez, followed by Kamran Hakim and then Rosie Goldberg.
There are no active new building construction projects on this tax block.

The majority, or 28 percent of the 440,415 square feet of built space are hotel buildings, with elevator buildings next occupying 20 percent of the space.

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