William Macklowe Company acquires office in Tribeca from Sutton Management, $52.8M transfer value

William Macklowe Company through the entity 291 Broadway Mezz LLC acquired from Sutton Management through the entity Esa Associates, LLC the office building (O6) at 291 Broadway in Tribeca, Manhattan, in a transfer valued at $52.8 million, which is often the amount of the judgment or the amount of the defaulted debt.

The deal closed on December 23, 2025 and was recorded on January 6, 2026. The property has 128,940 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $409 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.)
The Real Deal reported in December 2025 that William Macklowe Company bought the defaulted debt. New York Community Bank gave a $46 million loan in 2019, and in July 2025, Flagstar Bank initiated foreclosure under index 850296/2025, as PincusCo reported at the time. The sale of the loan formally occurred December 23, 2025, court records show, identifying the buyer as WMC291 Broadway LLC.

The Sutton family, led by Elie S. Sutton, through the company Sutton Investments, bought the building for $15.65 million in December 1985.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer William Macklowe Company had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sutton Management had not purchased any other properties and sold two properties in two transactions for a total of $9.1 million over the same time period. The 128,940-square-foot property generated revenue of $6.4 million or $49 per square foot, according to the most recent income and expense figures.

The property

The office building in Tribeca has 128,940 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 66 feet and is 124 feet deep with a total lot size of 7,650 square feet. The lot is irregular. The zoning is C6-4A which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $24 million.

Violations and lawsuits

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $46 million commercial foreclosure concerning a loan filed on July 10, 2025, by Flagstar Bank against Sutton Management, Abraham Sutton, and Samuel Sutton. In addition, according to city public data, the property has received $9,830 in ECB penalties and $11,130 in OATH penalties in the last year.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.5 times the average sales volume among other neighborhoods with $451.8 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 16th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of seven of the 10 commercial properties representing 470,221 square feet of the 530,240 square feet. The largest owner is Olmstead Properties, followed by Sutton Management and then United American Land.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 530,240 square feet of built space are office buildings, with elevator buildings next occupying 16 percent of the space.

The seller

The PincusCo database currently indicates that Sutton Management owned at least eight commercial properties with 189 residential units in New York City with 366,432 square feet and a city-determined market value of $86.1 million. (Market value is typically about 50% of actual value.) The portfolio has $156.8 million in debt, with top three lenders as New York Community Bank, Customers Bank, and Argentic Investment Management respectively. Within the portfolio, the bulk, or 48 percent of the 366,432 square feet of built space are elevator properties, with office properties next occupying 41 percent of the space. The bulk, or 89 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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