Jeff Sutton (born 1960) is an American billionaire real estate developer and the founder of Wharton Properties.[1] In December 2023, his net worth was estimated at $2.3 billion by Forbes.[2]
Early life
Jeff Sutton was born into a Syrian Jewish family,[3][4] in Gravesend, Brooklyn. His father was an importer of retail goods.[5] In 1981,[5] he graduated with a B.A./B.S. from the University of Pennsylvania.[6]
Career
Wanting to get into New York real estate and lacking the funding to compete with established real estate families (e.g. Dursts, Roses, Fishers, Rudins, Tishmans, and the Lefraks), 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.[5][7]
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.[5] Sutton emphasizes securing triple-A national retail chains as tenants.[8]
Transactions
Significant properties include:[5]
- 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 owned 120 properties throughout New York City.[9]
Personal life
Sutton and his wife, Rachel, have five children.[6] In June 2013, he purchased a residential property in Deal, New Jersey for $22.6 million.[10] [11]
References
- ^ Sutton, Jeff. "Wharton Properties Company". Wharton Properties (jeffsutton.com). Retrieved November 9, 2023.
- ^ "Jeff Sutton". Forbes. Retrieved December 27, 2023.
- ^ Pincus, Adam (February 1, 2011). "Clans with plans". The Real Deal. Archived from the original on March 4, 2016 – via The Wayback Machine.
- ^ Pincus, Adam (January 1, 2014). "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". The Real Deal. Archived from the original on January 20, 2021.
- ^ a b c d e New York Observer: "Sutton’s Place: Finding the King of New York Retail" By Tom Acitelli August 24, 2011
- ^ a b "Forbes profile: Jeff Sutton". Forbes. Retrieved November 10, 2019.
- ^ Adam Pincus, "Hiding in plain sight - Jeff Sutton's buildings are everywhere and his portfolio may be worth $1 billion, but you'd never know it", therealdeal.com, December 1, 2010
- ^ Wharton Properties website; retrieved November 2, 2013.
- ^ Massey Knakal website: "4th Annual Massey Knakal CRE Investment Summit - Keynote Speaker: Jeff Sutton" Archived November 4, 2013, at archive.today retrieved November 2, 2013
- ^ "Jeff Sutton's House in Deal, NJ (Google Maps)". June 5, 2014.
- ^ The Sephardic Community Alliance: "Building our Future by Preserving the Past" Archived April 2, 2015, at the Wayback Machine September 2009