J
eff Sutton's Wharton Properties has partnered with Manhattan landlord SL Green to acquire a significant stake in one of the Upper East Side's most coveted retail spots on Madison Avenue. The deal saw Sutton's company purchase a 50% interest in 690 Madison Avenue for $34 million, according to reports from the Commercial Observer. This acquisition marks a notable expansion into luxury retail, as Sutton's Wharton Properties now joins forces with SL Green to capitalize on the growing demand for high-end products.

    The property, situated at the corner of Madison Avenue and East 62nd Street, has recently attracted the attention of luxury jewelry brand Van Cleef & Arpels, which signed a lease for 7,800 square feet across all five floors. The site previously housed a Hermes men's store, which relocated to nearby 706 Madison Avenue.

    This partnership between Sutton and SL Green is not new; they have collaborated on several high-profile deals in the past. In 2005, they jointly acquired 1551 and 1555 Broadway for $82.5 million, with Sutton later buying out SL Green's stake. The two companies also sold the retail portion of 715-717 Fifth Avenue to Kering, the parent company of luxury brands Gucci and Balenciaga, for a record-breaking $963 million earlier this year.

    Sutton's acquisition of a stake in 690 Madison Avenue comes as luxury retail continues to thrive in the United States, driven by consumer demand for high-end products.