WEDNESDAY, DECEMBER 11, 2013
Sutton, Givenchy revealed as 747 Madison buyer and tenant
Jeff Sutton has been unmasked as the buyer of the remaining 33.3 percent stake in the retail co-op at 747 Madison Avenues Colony House, and French fashion brand Givenchy was revealed as the mystery tenant taking space at the propertys base.
Formerly occupied by Valentino, the 2,800-square-foot block at 747 Madison at East 65th Street will be. The clothiers home for the next 15 years, according to the terms of the agreement, reported by the New York Post. The asking rent was approximately $1,700 per square foot, and the spread includes a 1,000-square-foot mezzanine as well as a 1,500-square-foot basement for storage.
Joel Isaacs of Isaacs and Company represented LVMH, the Paris-based multinational conglomerate that owns Givenchy, in the deal. Neither he nor Sutton returned the Posts requests for comments.
Sutton and then-partner SL Green Realty acquired the ground-floor retail space for $66.25 million in 2011. SL Green sold its third of the retail property earlier this week, valuing the space at roughly $160 million. Thanks to the addition of the Givenchy lease agreement, the asset is now estimated to be worth at least $90 million more. [NYP] Julie Strickland