Jeff Sutton faces second pre-forclosure suit on Herald Square
Another pre-foreclosure suit hits Sutton in Herald Square as vacancies grow and rents fall in the area.
Developer and billionaire Jeff Sutton is facing yet another pre-foreclosure suit, this time in the bustling area of Herald Square. Sutton, known for his retail buildings, has been named as a defendant in the case for serving as a guarantor on a $50 million loan connected to the property at 27-29 West 34th Street.
This is not the first time Sutton has been hit with a pre-foreclosure suit in the area. In June, he was named as a defendant in a similar case regarding 15 West 34th Street. As vacancies continue to grow and rents fall in the surrounding area, it seems Sutton's luck may be running out.
While Sutton and his company, Wharton Properties, may be feeling the pressure, they are not alone. The area around Herald Square has seen a decline in retail and commercial tenants, leading to an increase in vacancies. With the current state of the market, it's no surprise that Sutton is facing challenges in maintaining his properties.
It's clear that things are getting tougher for Sutton in Herald Square, with this being the second pre-foreclosure suit he's facing in recent months. With the growing vacancies and falling rents, it's a tough market for developers like Sutton to navigate.
Only time will tell if Sutton can weather the storm and come out on top, but for now, it seems he'll have to face the consequences of a struggling market in Herald Square.
https://therealdeal.com/new-york/2025/09/08/sutton-draws-second-pre-forclosure-suit-on-herald-square/