Jeffrey Sutton Net WorthReal Name: Jeffrey Sutton
Date of Birth: 1960
Place of Birth: Gravesend, Brooklyn, New York
2017 Net Worth: $3.2 Billion
Profession: Real Estate Developer, Founder of Wharton Properties
Jeff, Jeff Sutton Biography
Jeff Sutton was born in 1960 in the Gravesend area of Brooklyn, New York. He attended the Wharton School at the University of Pennsylvania where he graduated with a BA degree. Sutton wanted to get into real estate in his home state of New York but lacked the money to compete with the larger, more established real estate families at the time, such as the Tishman and the Dursts. Sutton decided to try a different path. First, Sutton looked for a tenant, found out what they were looking for in a store location, and then sought out to obtain a lease from the owner at the location of his choice. Sometimes he bought out the landlord using his lease as a means of securing financing so that he could buy the property outright.
By the early part of the 1990’s, he had successfully obtained property and was leasing it to companies such as Payless Shoes and their locations in the Bronx, Queens, Brooklyn, and upper Manhattan. By the later part of that decade, he had successfully purchased the buildings which were leased to CVS Pharmacy in lower Manhattan and had partnered up with the biggest landlord in New York City; SL Green Realty. Sutton, through his real estate company Wharton Properties, now owns more than 120 valuable pieces of property throughout New York City including the Armani flagship store on 5th Avenue, the Abercrombie & Fitch store on 5th Avenue, as well as the American Eagle Outfitters flagship store in Times Square, and in the summer of 2013, Sutton signed a $350 million lease with Prada for their flagship store, also on 5th Avenue, just to name a few.
Sutton is married with 5 children and recently purchased his own little piece of the rock on the Jersey Shore for a cool $22.6 million. Sutton likes to keep a low profile so even with a net worth of $3.2 billion, most people are unfamiliar with his name, even though his buildings are frequented by thousands of customers every year.