SL Green Realty Corp and Jeff Sutton Sell 690 Madison Avenue Retail Property for $54.5 Million

SL Green Realty Corp (NYSE: SLG), Manhattan's largest office landlord, and joint venture partner Jeff Sutton's Wharton Properties have sold 690 Madison Avenue, a five-story retail building in Midtown Manhattan, for $54.5 million, the company announced March 2, 2026.

The 7,850-square-foot property is fully leased to Van Cleef & Arpels. The transaction equates to approximately $6,942 per square foot.

Transaction Details and Advisors

Gary Phillips and Will Silverman of Eastdil Secured advised the sellers on the transaction. The identity of the buyer was not disclosed. No financing terms or capitalization rate were made available in connection with the sale.

Property and Occupancy Profile

The building at 690 Madison Avenue comprises five stories and approximately 7,850 rentable square feet of retail space. The property was 100% occupied at the time of sale, with Van Cleef & Arpels serving as the sole tenant. No year-built date or renovation history was disclosed in connection with the transaction.

Strategic Context for SL Green Realty Corp

SL Green Realty Corp is primarily focused on office real estate. The disposition of 690 Madison Avenue represents a sale of a retail asset. Jeff Sutton's Wharton Properties co-owned the asset as a joint venture general partner alongside SL Green.

No additional details regarding the buyer's financing structure, intended hold period, or future plans for the property were disclosed at the time of the announcement.