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New York & Tri-State  + Uptown/Bronx  + Retail  | 

SL Green, Wharton Properties Divest Upper East Side Jewelry Store

SL Green Realty Corp. and its joint venture partner, Jeff Sutton’s Wharton Properties, closed on the sale of 690 Madison Ave. for $54.5 million. The buyer was not disclosed. Gary Phillips and Will Silverman of Eastdil Secured advised on the transaction.

690 Madison Ave. is a five-story, 7,850-square-foot commercial building located at East 62nd Street on the Upper East Side of Manhattan. The building is fully leased to Richemont’s Van Cleef & Arpels, a French luxury jewelry company.

“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,” said Harrison Sitomer, CIO at SL Green. “We’re proud to have positioned the asset to an owner that shares our long-term vision.”

Separately, SL Green announced Monday that Sitomer had been promoted to president and CIO.

Photo courtesy of Nevco Contracting.

Read More News Stories About: SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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