SL Green Realty Corp. and its joint venture partner, Jeff Sutton’s Wharton Properties, have completed the sale of 690 Madison Avenue, a fully leased luxury retail asset on Manhattan’s Upper East Side, for $54.5 million. The joint venture did not disclose the buyer. Gary Phillips and Will Silverman of Eastdil Secured advised on the transaction.
The property at 690 Madison Avenue is a five-story commercial building totaling 7,850 square feet. It is located at East 62nd Street in the Upper East Side neighborhood of Manhattan, one of New York City’s highest-profile retail corridors. The building is fully leased to Van Cleef & Arpels, the French luxury jewelry brand owned by Richemont.
The single-tenant, luxury flagship profile of the building positions it squarely within the niche of high-street retail properties that cater to global brands seeking visibility and prestige in core urban locations. With Van Cleef & Arpels in place, the asset offers a long-term, brand-driven occupancy profile anchored by a well-known international retailer.
In announcing the sale, Harrison Sitomer, chief investment officer at SL Green, said the transaction “underscores the continued trend of significant demand for flagship locations occupied by high-end retail users along Manhattan’s finest retail corridors.” Sitomer added that the company is “proud to have positioned the asset to an owner that shares our long-term vision,” signaling that the seller views the buyer as aligned with a hold-and-curate strategy for prime retail assets.
The trade further highlights ongoing investor interest in Manhattan’s most established retail streets, even as broader retail markets continue to evolve. Fully leased, luxury-branded assets such as 690 Madison Avenue can offer income visibility and potential inflation protection that appeal to both domestic and international capital focused on core urban retail.
Separately from the sale, SL Green reported that Sitomer has been promoted to president and chief investment officer. The promotion formalizes his senior leadership role at the company at a time when SL Green continues to actively manage and recycle capital across its New York City portfolio.
The transaction and leadership update together illustrate SL Green’s current emphasis on capital allocation and portfolio positioning in premier Manhattan locations, with Eastdil Secured advising on the execution of the Madison Avenue disposition.
