Jeff Sutton (real estate developer)
| Jeff Sutton | |
|---|---|
| Born | 1960 (age 54–55) |
| Residence | Gravesend, Brooklyn |
| Nationality | United States |
| Ethnicity | Syrian Jewish |
| Education | B.A./B.S. University of Pennsylvania |
| Occupation | real estate developer |
| Known for | founder of Wharton Properties |
| Net worth |
 $3.4 billion USD (May 2015)[1] |
| Religion | Judaism |
| Spouse(s) | married |
| Children | five |
Jeff Sutton (born 1960) is a New York real estate developer, billionaire, and the founder of Wharton Properties.
Biography
Sutton was born to a Sephardi Syrian Jewish family,[2][3] in Gravesend, Brooklyn, the son of an importer of retail goods.[4] In 1981,[4] he graduated with a B.A./B.S. from the University of Pennsylvania.[1] Wanting to get into New York real estate and lacking the funding to compete with the old established real estate families (e.g. Dursts, Roses, Fishers, Rudins, Tishmans, and Lefrak), Sutton took a different tack: he would first find a potential tenant, determine where they wanted a store, and then seek to buy out the lease from the tenant at the location. In some cases, he would buy out the landlord using the signed lease as support to secure financing in order to buy the property.[4][5] In the early 1990s, his strategy worked with Payless Shoes in upper Manhattan, Brooklyn, the Bronx, and Queens. In the late 1990s, he applied the same approach with CVS Pharmacy in lower Manhattan partnering with New York City's largest landlord, SL Green Realty.[4] Sutton emphasizes securing triple-A national retail chains as tenants.[6]
Transactions
Significant properties include:[4]
- the American Eagle Outfitters store at the corner of Broadway and Houston Street;
- 717 Fifth Avenue with the Armani flagship store;
- 720 Fifth Avenue with the Abercrombie & Fitch store;
- 609 Fifth Avenue with the American Girl store;
- 1551 Broadway in Times Square with the American Eagle Outfitters flagship store;
- 1515 Broadway with the Aeropostale lease;
- 141 Fifth Avenue in the Flatiron Building with the Cole Haan store;
- 379 West Broadway with the Polo Ralph Lauren store;
- 747 Madison Avenue with the Valentino flagship store; and
- 1552 Broadway, the site of the Times Square T.G.I. Friday's.
As of 2013, Wharton Properties owns 120 properties throughout New York City.[6][7]
Personal life
Sutton is married and has five children.[1] In June 2013, he purchased a residential property on the Jersey Shore for $22.6 million.[8] Sutton is a founding member of the Sephardic Community Alliance.[9]
References
- 1 2 3 Forbes The World's billionaires: Jeff Sutton May 2015
- ↑ The Real Deal: "Clans with Plans" By Adam Pincus February 1, 2011
- ↑ The Real Deal: "The Syrian retail touch - An inside look at the Syrian Jewish investors dominating NYC retail — from Sutton to Sitt, including how much revenue they’re pulling in" By Adam Pincus January 01, 2014
- 1 2 3 4 5 New York Observer: "Sutton’s Place: Finding the King of New York Retail" By Tom Acitelli August 24, 2011
- ↑ The Real Deal: "Hiding in plain sight - Jeff Sutton's buildings are everywhere and his portfolio may be worth $1 billion, but you'd never know it" By Adam Pincus December 01, 2010
- 1 2 Wharton Properties website: "Jeff Sutton" retrieved November 2, 2013
- ↑ Massey Knakal website: "4th Annual Massey Knakal CRE Investment Summit - Keynote Speaker: Jeff Sutton" retrieved November 2, 2013
- ↑ Jewish Voice New York: "Real Estate Mogul Jeff Sutton Makes Waves on the Jersey Shore" By Joseph Kadoch January 25, 2012
- ↑ The Sephardic Community Alliance: "Building our Future by Preserving the Past" September 2009