Retail mogul Jeff Sutton is in contract to buy a three-building site at 530 Broadway from frequent collaborator Joseph Sitt for $327 million, extending his dominance in Soho.
The 11-story, 40,000-square-foot property was expected to fetch north of $300 million, when Sitt hired the Eastdil Secured duo of Douglas Harmon and Adam Spies in February to oversee the sale.
Sitt bought the 530-536 Broadway buildings, located at the corner of Spring Street, for $190 million in 2007, sources told the New York Post. He later bought back the debt at a discount, saving roughly $40 million, the sources added.
Sutton already owns nearby properties such as 599 Broadway, 560 Broadway — in which he partnered with Jeffrey Gural of Newmark Holdings — and the site at 529 Broadway, where he intends to build a 34,000-square-foot, six-story retail project with Bobby Cayre and the Adjmi family, as The Real Deal reported. [NYP] – Hiten Samtani