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Sutton, Maguire in talks to sign Frye at 144 Fifth

UPDATED, 6:45 p.m., May 11: These boots are made for Sutton.

The Frye Company, a high-end leather boot retailer and manufacturer, is in late-stage negotiations to lease a ground-floor retail space at 144 Fifth Avenue, sources told The Real Deal. Jeff Sutton and partner Maguire Capital Group acquired the leasehold on the Flatiron District property less than a month ago.

The five-story mixed-use building near West 19th Street and is home to Shoegasm, Lilac Gallery and a mix of office space and apartments upstairs. Frye is in talks to replace Shoegasm, which occupies 5,000 square feet spread evenly between the lower level and ground floors.

In April, Sutton and Maguire Capital Group, a retail-focused real estate investment firm led by Victor and Marvin Azrak, bought the leasehold for an undisclosed amount. Shoegasm, which signed a 15-year lease more than three years ago, is expected to vacate in the next few months, sources said. Instead of opening an additional store, Shoegasm will consolidate at its three other locations in the city, they said.

If the deal goes through, 144 Fifth would become Frye’s second location in the city. Its first store and current flagship is located at 113 Spring Street in Soho.

Average ground-floor retail asking rents in the area are about $500 per square foot, according to Real Estate Board of New York data. It’s unclear what Frye will pay for the space.

Jack Shaoul, owner of Universe Antiques, has owned the property for more than 30 years, property records show.

Sutton and Maguire Capital also declined to comment. The partners also teamed up to purchase a retail co-op at 85 Fifth Avenue for $86 million last year.

 

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Meridian Brokers $60M Wells Fargo Loan for 85 Fifth Avenue Retail Co-Op Buy

Wells Fargo originated a $60 million loan to a partnership between Jeff Sutton’s Wharton Properties, General Growth Properties and Maguire Capital for the purchase of a retail cooperative property at 85 Fifth Avenue in Union Square, Commercial Observer has learned.

The three-year loan, negotiated by Meridian Capital Group Executive Vice President Aaron Birnbaum and Vice President Tal Savariego, carries a Libor-based floating interest rate as well as loan extension options, according to the brokers.

The partnership led by Mr. Sutton completed its $86 million acquisition of the flagship property from Aby Rosen’s RFR Realty on April 8, city records show.

Anthropologie, a subsidiary of Urban Outfitters that specializes in womenswear and home products, occupies the 12,960-square-foot retail co-op located on the northeast corner of Fifth Avenue and 16th Street.

The floating-rate financing “provides maximum flexibility as the sponsors work toward executing their value-add business plan for this unique asset,” Mr. Savariego said.

Mr. Sutton and a representative for GGP and Maguire Capital were not immediately available for comment.

 

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