Jeff Sutton, president of Wharton Acquisitions and Joseph Sitt, CEO of Thor Equities, two of Manhattans big retail investors, partnered together to buy 529 Broadway on the corner of Broadway and Spring Street. Before this deal, the two had not publically partnered together for a transaction, although they often do partner with others. This property is centrally located in SoHo and has about 26,500 square feet of commercial space. Steve Madden currently occupies the space, purchased for $150 million, on the ground floor.
The price includes a base price of $144 million plus $3 million in mortgage defeasance costs, and Sutton and Sitt paid all cash for the deal. “It was a tremendous odyssey to get this building,” said an insider. Zoltan Goldstein, president of Goldstone Realty, owns the building and has been marketing the property for years. With Sutton’s persistence, he was able to finally seal the deal. “The main thing is that Sutton, for more than seven years, called me every week,” said Abe Goldstein, a co-owner of the property and Zoltan’s son.