Versace Anchored Retail Co-op Trades for $135M
Weybourne Holdings, the family office of Dyson, has purchased the retail co-op units at 747 Madison Avenue totaling approximately 11,000 square feet. The sale by the joint venture of Jeff Sutton and the Reuben brothers fetched a price of $135 million. Currently occupied by luxury fashion brand Versace and Alexander McQueen, Sutton’s Wharton Properties had initially purchased the ground floor retail for $66 million in 2011, subsequently investing an additional $2.6 million to add the 2nd floor duplex to create a high-ceiling storefront. In 2013 Sutton’s buyout of his partners valued the retail co-op at $160 million; and earlier this year Reuben Brothers joined Sutton, acquiring a stake — terms of the transaction were not released.
Source: https://www.reubenbrothers.com/reubens-acquire-stake-in-jeff-suttons-747-madison-ave/