DECEMBER 7, 2016
Sutton lands $101M Signature loan for 34th St. retail building
UPDATED, Jan. 5, 12:23 p.m.: Jeff Sutton’s Wharton Properties obtained a $101 million loan from Signature Bank to refinance its retail building at 21 West 34th Street, property records filed with the city Wednesday show.
The new loan replaces a $100 million mortgage from Wells Fargo and carries a term of five years with an option to extend for another five, according to a source. Meridian Capital Group’s Ronnie Levine and Jeff Berkes brokered the loan.
British clothing chain Superdry signed a seven-year lease for the entire two-story, 19,054-square-foot retail building in May. The Commercial Observer reported at the time that the rent is less than $3 million a year.
Superdry replaced clothing retailer Esprit, which moved in in 2010 but closed all its North American stores two years later.
Sutton TRData LogoTINY also owns the adjacent retail building at 29 West 34th Street, home to Geox and Aldo, as well as the nearby properties at 15 and 40 West 34th Street.