Swiss Luxury Brand Buys 690 Madison From SL Green, Jeff Sutton: The N.Y. Deal Sheet
Another luxury retailer has purchased its Manhattan flagship.
Swiss luxury fashion chain Richemont paid $54.5M for the 8K SF retail building at 690 Madison Ave., property records show. Richemont is the parent company of the property’s sole retail tenant, Van Cleef & Arpels.
A joint venture between SL Green and Jeff Sutton’s Wharton Properties sold the five-story building. Richemont CEO for the Americas Christopher Massoni signed on behalf of the buyer.
SL Green acquired the property in 2021 from Ashkenazy Acquisition Corp. for $74M in a foreclosure sale. Wharton Properties acquired a 10% stake in the property for $34M three years later.
Eastdil Secured's Gary Phillips and Will Silverman brokered the deal.
The deal is the latest in a string of luxury retail tenants becoming owners of their longtime homes. Prada acquired its 68K SF Fifth Avenue flagship store for $425M in late 2023, and Gucci’s parent company, Kering, shelled out $963M for a 115K SF Fifth Avenue retail condo a few weeks later.
“The sale of 690 Madison Avenue underscores the continued trend of significant demand for flagship locations occupied by high-end retail users along Manhattan’s finest retail corridors,” SL Green Chief Investment Officer Harrison Sitomer said in a statement. “We’re proud to have positioned the asset to an owner that shares our long-term vision.”
Richemont did not immediately respond to a request for comment.
TOP SALES
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TOP LEASES
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TOP FINANCING
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