Jeff Sutton Buys $34M Stake in 690 Madison Avenue from SL Green

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Jeff Sutton’s Wharton Properties picked up a stake in a retail building on the Upper East Side for $34 million, according to property records.

The retail landlord, who made major waves in late 2023 and early 2024 for two massive sales, purchased the stake in 690 Madison Avenue from SL Green Realty, where luxury jewelry brand Van Cleef & Arpels just signed a lease spanning 7,848 square feet on all five levels, including the rooftop.

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The transaction gives Sutton a 50 percent stake in the property that SL Green bought from Ashkenazy Acquisition in 2021 for $74 million, PincusCo first reported. 690 Madison sits on the corner of Madison Avenue and East 62nd Street.

Sutton and SL Green did not immediately respond to a request for comment. Gary Phillips and Will Silverman of Eastdil Secured represented SL Green in the deal but declined to comment.

Ashkenazy took a hefty loss on the investment when it sold 690 Madison Avenue to SL Green. It paid $115.2 million for the building in 2015 and had a $72 million loan from Bank of China, according to multiple reports.

And Sutton and SL Green have been partnering in ventures together for some time. 

Early in the year, Sutton was selling 715-717 Fifth Avenue — in which SL Green owned a 10 percent stake — to Kering, the company that owns Gucci, Balenciaga and Alexander McQueen, for a total of $963 million (the top investment sale of 2024 in New York City.)

Just days before, Sutton had sold 724 Fifth Avenue and 720 Fifth Avenue to Prada in an all-cash deal for $425 million and $410 million, respectively.

Mark Hallum can be reached at mhallum@commercialobserver.com.