Jeff Sutton (real estate developer)

Jeff Sutton
Born 1960 (age 5455)
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 Increase$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]

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

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