The Real Deal New York

Sutton buys $22.6M NJ mansion

January 16, 2012 09:00AM

New York City commercial real estate magnate Jeff Sutton, a frequent collaborator with SL Green Realty, purchased a $22.6 million home in New Jersey, the Asbury Park Press reported.

Overlooking the Atlantic Ocean in Deal, N.J., a borough of Monmouth County, the landmarked, two-story home at 91 Ocean Avenue has 12,000 square feet on 5.3 acres of property with 350 feet of private beach.

The deal closed in December and is among the highest prices paid for a Monmouth County home, according to Asbury Park Press, despite coming in well below the initial $35 million asking price. Sutton, who was represented by G&G Realtors broker associate Steven Scheer, plans to renovate the home after it was left in some disrepair by the estate of Ruth Sampson. Bruce Germinsky, owner of BG Realty Services, represented the estate.

Sutton, who is the president of Wharton Properties, was active in commercial sales during the latter parts of 2011, partnering with SL Green to purchase 1552 Broadway and a 10-building portfolio, while selling a Fifth Avenue retail condominium. []