How NYC's reclusive retail kingpin sold billions in buildings to Gucci, Prada in mere days [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
Famously reclusive, Sutton (who declined to be interviewed by The Post for this story), the founder of Wharton Properties, is perhaps the city's most powerful investor in retail buildings in Manhattan with roughly 120 properties. For decades, he had been a net buyer and rarely a seller. Now, he's making moves. After a whirlwind visit to Italy earlier this year, Sutton closed a deal with Italian fashion powerhouse Prada in 19 days with a handshake and a transfer of funds. Then he closed a deal in a similar fashion with French rival Kering in 28 days. There were no contracts, no deposits and the deals went straight to closing. At the finish line, Paris-based Kering, the parent company of Gucci and Saint Laurent, paid $963 million for 115,000 square feet in the base of 717 Fifth Ave., while Prada bought both 720 Fifth and the adjacent building that held its store and offices at 724 Fifth Ave. for $835 million, mere months after Sutton sold the retail space at 747 Madison to Dyson
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