$8.7M rehab of Nike store at Sutton, SL Green’s 650 Fifth Ave. retail formally completed

The $8.7 million rehabilitation of Nike’s space at Jeff Sutton and SL Green Realty’s retail holdings at 650 Fifth Avenue in the Plaza District was formally concluded on August 14, data from the city’s Department of Buildings shows. The space has been open to the public since November 2018.

The plans, pre-filed on March 27, 2018 by the property manager, call for a rehab of the Nike-leased space of the 380-foot tall, 36-story, building.

The project is described in the filings as: minor demolition with installation of new partitions, doors, finishes and stairs (Nike) as per plans. No change to use, egress or occupancy. The initial cost as reported in the DOB filing for the work described in this permit application is $8,698,200.

Nike signed a 15-year lease with a total value estimated at $700 million, in 2017. Ownership of the building has been fought over for years, when the U.S. government seized it after a federal jury found that it was actually controlled by Iran in violation of US sanctions.

SL Green Realty partnered with Jeff Sutton to acquire a 49-year leasehold interest in the retail portion of the Midtown property back in 2013.

Direct link to Acris document.LINK

Direct link to DOB document.LINK