SL Green buys retail leasehold for $59M from Brookfield, Jeff Sutton, valued at $86M in 2015

85 Fifth Avenue (Credit: Google)

SL Green Realty through the entity 85 Fifth Avenue Retail Owner LLC acquired a retail leasehold from Brookfield Properties and Jeff Sutton’s 85 Fifth Avenue Owner LLC valued at $59 million for the retail portion of 85 Fifth Avenue in Flatiron. The deal closed on October 30, 2020, and was recorded on November 6, 2020. The transaction consists of a portion of one parcel, including the tax class office building with commercial with seven to 19 stories (O6).
Brookfield and Sutton, who owns Wharton Properties, acquired the leasehold on April 1, 2015, for $86 million.

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 $853,295.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

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