(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)

NEW YORK CITY-After repositioning the retail space and bringing in high-street tenants like Armani and Dolce & Gabbana, joint venture partners SL Green Realty Corp. and Jeff Sutton have more than doubled its net operating income at 717 Fifth Avenue—and plan on creating even more value in years to come. In a joint statement released this morning, the Manhattan office REIT and the retail titan have restructured and recapitalized their 123,000-square-foot retail condominium project between East 55th & 56th Streets in the Plaza District.

Under the transaction, SL Green has sold 50% of its interest to Sutton and retains a 10.92% stake in the property at a price valued at $618 million, or $5,015 per square foot at a 4.9% cap rate, according to the REIT. In addition, the venture has also received $590 million of new financing for the site, including a $300 million fixed-rate mortgage loan from New York Life and TIAA as well as a 10-year, $290 million mezzanine loan originated by RREEF. Overall, SL Green received $85 million in net cash proceeds from the transactions.