Saks Global Sells Scarsdale Retail Center to Sagehall for $80M
The global conglomerate is weighed down by debt, but found a buyer in the former Extell Development CEO Sush Torgalkar
By Brian Pascus April 29, 2026 11:36 am
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Saks Global is officially in fire-sale mode.
Commercial Observer can first report that a subsidiary of Saks Global — the parent company of luxury retailers Saks Fifth Avenue, Neiman Marcus and Bergdorf Goodman — has sold 750 White Plains Road, a 200,000-square-foot mixed-use retail and medical property in Scarsdale, N.Y., to Sagehall, a fund managed by former Extell Development CEO Sush Torgalkar.
The transaction is for upwards of $80 million and closed on April 10, according to sources close to the deal.
Torgalkar previously purchased 110 High Ridge Road — the site of what was Lord & Taylor in Stamford, Conn. — from Saks Global in October 2025 in a $62 million transaction.
The CBRE National Retail Partners team of Jeffrey Dunne, David Gavin and Travis Langer represented Saks in both transactions and arranged the deal with Torgalkar.
In prepared remarks, CBRE’s Gavin spoke to the strong demand for medical and mixed-use retail across the greater New York metropolitan area.
“Properties like 750 White Plains Road provide a unique combination of having stable tenancy with further value-add through lease-up of the remaining vacancy,” he said in a statement.
Located on the corner of New Wilmot Road and Post Road in Scaresdale, 750 White Plains Road opened in 1958 and was renovated in recent years, as it was also a former Lord & Taylor department store.
Presently 64 percent leased, 750 White Plains Road features a diverse array of tenants. White Plains Hospital, a member of the Montefiore Health System, opened in June 2025. Other tenants include Cava, Pottery Barn, Williams Sonoma and Equinox.
The site also includes 670 parking spaces.
“The center’s highly prominent location within the dominant retail corridor in the market, combined with its strong anchor tenancy and surrounding demographics, will help the buyer complete the repositioning and lease-up of the center,” said CBRE’s Dunne in a statement.
The sale by Saks Global marks another turn in the restructuring strategy undertaken by CEO Richard Baker since Saks Global filed for Chapter 11 bankruptcy in January 2026. Saks Global has been under pressure to address its $3.4 billion in debt, much of it generated from the company’s $2.7 billion acquisition of Neiman Marcus Group in December 2024.
“They have a lot of debt, high-cost debt, and the thinking is, ‘We’ll raise money by selling real estate,’ so this is part of that whole plan,” said a source close to the deal.
Torgalkar did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com.
