Jeff Sutton, a prominent figure in New York City’s real estate scene, has successfully closed the sale of 717 Fifth Avenue to luxury brand Gucci for an impressive $963 million. This high-profile transaction has garnered attention, including praise from former President Donald Trump, who owns real estate holdings nearby, including Trump Tower.
Taking to Truth Social, Trump extended congratulations to Sutton on the nearly $1 billion deal. This landmark sale is part of Sutton’s series of noteworthy real estate transactions, which include the recent combined sales of properties to Prada totaling $835 million.
Sutton, the founder and president of Wharton Properties, a New York-based commercial real estate company, has amassed a portfolio of over 120 prime properties in the city. His success has been closely associated with Eliot Tawil, a known associate and financial supporter of Trump. Tawil contributed $2,800 to Trump’s 2020 campaign on two occasions, according to campaign finance tracker Open Secrets.
While Sutton revels in his recent real estate triumph, Trump’s nearby Trump Tower and associated businesses are under scrutiny due to ongoing legal issues. The defamation case brought by former Elle writer E. Jean Carroll against Trump, for which he has already been found liable, could impact his real estate ventures. Carroll is seeking $10 million in damages for defamation related to sexual abuse allegations against Trump in the mid-1990s.
The New York Attorney General Letitia James’s probe into Trump’s financial practices has established his liability in alleged fraudulent activities. The case focuses on accusations of systematically overstating assets to secure favorable loans and insurance terms, with AG James proposing a substantial financial penalty of $370 million against Trump and associates. The judgment, expected by the end of January, could significantly impact Trump’s future business endeavors and his involvement in the real estate industry, as well as influencing his political aspirations for the 2024 presidential election. Trump’s defense has vehemently denied the allegations, characterizing them as a political maneuver. Newsweek has reached out to the Trump campaign for comment.
